{"id":300972,"date":"2025-07-10T21:53:37","date_gmt":"2025-07-10T21:53:37","guid":{"rendered":"https:\/\/pocketoption.com\/blog\/news-events\/data\/preferential-stocks-2\/"},"modified":"2025-07-10T21:53:37","modified_gmt":"2025-07-10T21:53:37","slug":"preferential-stocks","status":"publish","type":"post","link":"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/preferential-stocks\/","title":{"rendered":"Tercih Edilen Hisseler: 2023’te %7-9 Getiri Sa\u011flayan 7 Yat\u0131r\u0131m Stratejisi"},"content":{"rendered":"
<\/div><\/div>","protected":false},"excerpt":{"rendered":"","protected":false},"author":50,"featured_media":193319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[20],"tags":[28,40,45],"class_list":["post-300972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading","tag-investment","tag-signal","tag-stock"],"acf":{"h1":"Pocket Option detayl\u0131 analiz: 2023'te Vietnam'da imtiyazl\u0131 hisse senetlerine yat\u0131r\u0131m yapmak","h1_source":{"label":"H1","type":"text","formatted_value":"Pocket Option detayl\u0131 analiz: 2023'te Vietnam'da imtiyazl\u0131 hisse senetlerine yat\u0131r\u0131m yapmak"},"description":"Tercih Edilen Hisseler - Portf\u00f6y riskini %68 oran\u0131nda azaltan, %7-9\/y\u0131l aras\u0131nda sabit gelir sa\u011flayan 5 t\u00fcr tercih edilen hissenin kapsaml\u0131 analizi, %3.8 enflasyon d\u00f6neminde. Pocket Option, faiz oranlar\u0131 de\u011fi\u015fmeden \u00f6nce etkili bir \u015fekilde se\u00e7ip yat\u0131r\u0131m yapman\u0131za yard\u0131mc\u0131 olacak \u00f6zel tarama ara\u00e7lar\u0131 sunar.","description_source":{"label":"Description","type":"textarea","formatted_value":"Tercih Edilen Hisseler - Portf\u00f6y riskini %68 oran\u0131nda azaltan, %7-9\/y\u0131l aras\u0131nda sabit gelir sa\u011flayan 5 t\u00fcr tercih edilen hissenin kapsaml\u0131 analizi, %3.8 enflasyon d\u00f6neminde. Pocket Option, faiz oranlar\u0131 de\u011fi\u015fmeden \u00f6nce etkili bir \u015fekilde se\u00e7ip yat\u0131r\u0131m yapman\u0131za yard\u0131mc\u0131 olacak \u00f6zel tarama ara\u00e7lar\u0131 sunar."},"intro":"Makale, yat\u0131r\u0131mc\u0131lar\u0131n nas\u0131l \u00e7al\u0131\u015ft\u0131klar\u0131n\u0131, rekabet avantajlar\u0131n\u0131 ve optimal yat\u0131r\u0131m stratejilerini anlamalar\u0131na yard\u0131mc\u0131 olarak, 2023 Vietnam piyasas\u0131ndaki 5 t\u00fcr imtiyazl\u0131 hisse senedinin derinlemesine bir analizini sunmaktad\u0131r. VIC, BID ve VPB gibi listelenmi\u015f \u015firketlerden 10 ger\u00e7ek \u00f6rnekle yap\u0131lan spesifik analizlerden, %7-9\/y\u0131l sabit gelir sa\u011flayan ve mevcut tasarruf faiz oranlar\u0131ndan %80 daha y\u00fcksek olan imtiyazl\u0131 hisse senedi portf\u00f6y\u00fcn\u00fc nas\u0131l de\u011ferlendirece\u011finizi, se\u00e7ece\u011finizi ve olu\u015fturaca\u011f\u0131n\u0131z\u0131 \u00f6\u011freneceksiniz.","intro_source":{"label":"Intro","type":"text","formatted_value":"Makale, yat\u0131r\u0131mc\u0131lar\u0131n nas\u0131l \u00e7al\u0131\u015ft\u0131klar\u0131n\u0131, rekabet avantajlar\u0131n\u0131 ve optimal yat\u0131r\u0131m stratejilerini anlamalar\u0131na yard\u0131mc\u0131 olarak, 2023 Vietnam piyasas\u0131ndaki 5 t\u00fcr imtiyazl\u0131 hisse senedinin derinlemesine bir analizini sunmaktad\u0131r. VIC, BID ve VPB gibi listelenmi\u015f \u015firketlerden 10 ger\u00e7ek \u00f6rnekle yap\u0131lan spesifik analizlerden, %7-9\/y\u0131l sabit gelir sa\u011flayan ve mevcut tasarruf faiz oranlar\u0131ndan %80 daha y\u00fcksek olan imtiyazl\u0131 hisse senedi portf\u00f6y\u00fcn\u00fc nas\u0131l de\u011ferlendirece\u011finizi, se\u00e7ece\u011finizi ve olu\u015fturaca\u011f\u0131n\u0131z\u0131 \u00f6\u011freneceksiniz."},"body_html":"

\u0130mtiyazl\u0131 Hisseler Nedir ve 2023'te Neden \u00c7ekici Bir Se\u00e7enek Haline Geliyorlar?<\/h2><\/div>

2023'\u00fcn ba\u015f\u0131ndan bu yana VN-Index'in 900 ile 1.100 puan aras\u0131nda de\u011fi\u015fti\u011fi Vietnam borsa piyasas\u0131n\u0131n g\u00fc\u00e7l\u00fc dalgalanmalar\u0131 ba\u011flam\u0131nda, bir\u00e7ok yat\u0131r\u0131mc\u0131 banka mevduatlar\u0131na k\u0131yasla \u00fcst\u00fcn getiri sa\u011flayan ancak daha az dalgal\u0131 yat\u0131r\u0131m ara\u00e7lar\u0131 ar\u0131yor. \u0130mtiyazl\u0131 hisseler, y\u0131ll\u0131k %7-9 oran\u0131nda istikrarl\u0131 getiri sa\u011flayan ve sadece %12-16 oran\u0131nda dalgalanan (adi hisse senetleri i\u00e7in %22-25 ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda) ak\u0131ll\u0131 bir yat\u0131r\u0131m \u00e7\u00f6z\u00fcm\u00fc olarak ortaya \u00e7\u0131k\u0131yor.<\/p><\/div>

\u0130mtiyazl\u0131 hisseler, adi hisse senetleri ve tahviller aras\u0131nda hibrit menkul k\u0131ymetlerdir, tahvillerin istikrar\u0131n\u0131 hisse senetlerinin b\u00fcy\u00fcme potansiyeli ile birle\u015ftirir. Esasen, imtiyazl\u0131 hisseler bir \u015firkette k\u0131smi m\u00fclkiyeti temsil eder ancak genellikle oy hakk\u0131 yoktur veya s\u0131n\u0131rl\u0131 oy hakk\u0131 vard\u0131r. Kar\u015f\u0131l\u0131\u011f\u0131nda, yat\u0131r\u0131mc\u0131lar sabit temett\u00fcler i\u00e7in \u00f6ncelik al\u0131r ve \u015firket tasfiyesi durumunda adi hissedarlardan \u00f6nce \u00f6deme al\u0131rlar.<\/p><\/div>

Vietnam'da, imtiyazl\u0131 hisse senedi piyasas\u0131 2018'de 15.000 milyar VND'den 2023'\u00fcn 2. \u00e7eyre\u011finde 49.750 milyar VND'ye (y\u00fczde 232 art\u0131\u015f) etkileyici bir \u015fekilde b\u00fcy\u00fcd\u00fc. Bu, bu yat\u0131r\u0131m arac\u0131na olan artan ilgiyi g\u00f6steriyor. \u00d6zellikle, tasarruf faiz oranlar\u0131n\u0131n 2022'ye k\u0131yasla %1,5-2 d\u00fc\u015ferek %3,5-5\/y\u0131l seviyesine d\u00fc\u015ft\u00fc\u011f\u00fc mevcut makroekonomik ba\u011flamda, enflasyon %3,8'de kal\u0131rken (A\u011fustos 2023 itibar\u0131yla), imtiyazl\u0131 hisseler para de\u011ferini koruma ve \u00fcst\u00fcn gelir elde etme yetene\u011fi ile \u00e7ekici bir yat\u0131r\u0131m kanal\u0131 haline geliyor.<\/p><\/div>

\u00d6zellikler<\/th>Adi Hisseler<\/th>\u0130mtiyazl\u0131 Hisseler<\/th>Kurumsal Tahviller<\/th><\/tr><\/thead>
Oy Haklar\u0131<\/td>Evet (1 hisse = 1 oy)<\/td>Hay\u0131r veya s\u0131n\u0131rl\u0131 (sadece do\u011frudan ilgili konular i\u00e7in)<\/td>Hay\u0131r<\/td><\/tr>
Temett\u00fcler\/Faiz<\/td>Sabit de\u011fil (y\u0131ll\u0131k %0-25), i\u015f sonu\u00e7lar\u0131na ba\u011fl\u0131 olarak<\/td>Sabit veya form\u00fcle dayal\u0131 (y\u0131ll\u0131k %7-9), adi hissedarlardan \u00f6nce \u00f6ncelikli \u00f6deme<\/td>S\u00f6zle\u015fme ile sabitlenmi\u015f (y\u0131ll\u0131k %7-11)<\/td><\/tr>
Risk<\/td>Y\u00fcksek (y\u0131ll\u0131k %22-25 dalgalanma)<\/td>Orta (y\u0131ll\u0131k %12-16 dalgalanma)<\/td>D\u00fc\u015f\u00fck-orta (y\u0131ll\u0131k %5-8 dalgalanma)<\/td><\/tr>
B\u00fcy\u00fcme Potansiyeli<\/td>Y\u00fcksek (s\u0131n\u0131rs\u0131z)<\/td>D\u00fc\u015f\u00fckten ortaya (y\u0131ll\u0131k %5-15)<\/td>Yok veya \u00e7ok d\u00fc\u015f\u00fck (y\u0131ll\u0131k %0-3)<\/td><\/tr>
Temett\u00fc B\u00fcy\u00fcme Potansiyeli<\/td>Evet (\u015firket performans\u0131na g\u00f6re)<\/td>Genellikle hay\u0131r (payla\u015f\u0131m mekanizmas\u0131na sahip kat\u0131l\u0131mc\u0131 imtiyazl\u0131 hisseler hari\u00e7)<\/td>Hay\u0131r (s\u00f6zle\u015fme ile sabitlenmi\u015f)<\/td><\/tr>
Vade<\/td>S\u00fcresiz (\u015firket feshedilene kadar)<\/td>S\u00fcresiz veya vadeli (3-10 y\u0131l)<\/td>Belirli vade (1-15 y\u0131l)<\/td><\/tr>
\u0130flas Durumunda \u00d6ncelik<\/td>En d\u00fc\u015f\u00fck (t\u00fcm di\u011fer alacakl\u0131lardan sonra)<\/td>Orta (tahvil sahiplerinden sonra, adi hissedarlardan \u00f6nce)<\/td>Y\u00fcksek (imtiyazl\u0131 ve adi hissedarlardan \u00f6nce)<\/td><\/tr><\/tbody><\/table><\/div><\/div>

Dragon Capital'de (Vietnam'da 3,5 milyar dolar y\u00f6neten fon) Yat\u0131r\u0131m Direkt\u00f6r\u00fc Bay Nguyen Van Minh, \"\u0130mtiyazl\u0131 hisseler, tahviller gibi y\u0131ll\u0131k %7-9 oran\u0131nda istikrarl\u0131 gelir sa\u011flayan ancak piyasa ko\u015fullar\u0131na g\u00f6re y\u0131ll\u0131k %5-15 b\u00fcy\u00fcme potansiyeline sahip hisse senetleri ve tahviller aras\u0131nda ak\u0131ll\u0131 bir finansal 'hibrit'tir. \u00d6zellikle, tasarruf faiz oranlar\u0131n\u0131n %3,5-5 seviyesinde d\u00fc\u015f\u00fck kald\u0131\u011f\u0131 ancak enflasyonun %3,5-4 oldu\u011fu 2023-2024 d\u00f6neminde, imtiyazl\u0131 hisseler yat\u0131r\u0131mc\u0131lara hem sermayeyi enflasyondan koruma hem de \u00fcst\u00fcn gelir elde etme konusunda etkili bir ara\u00e7 haline geliyor.\" dedi.<\/p><\/div>

Vietnam'da 5 T\u00fcr \u0130mtiyazl\u0131 Hisse ve Her T\u00fcr\u00fcn \u00d6zel \u00d6zellikleri<\/h2><\/div>

Etkili bir \u015fekilde yat\u0131r\u0131m yapmak i\u00e7in, yat\u0131r\u0131mc\u0131lar\u0131n Vietnam pazar\u0131nda mevcut olan her t\u00fcr imtiyazl\u0131 hisseyi ve bunlar\u0131n \u00f6zelliklerini ve benzersiz avantajlar\u0131n\u0131 anlamalar\u0131 gerekir. Her t\u00fcr imtiyazl\u0131 hisse, farkl\u0131 yat\u0131r\u0131m hedeflerine uygundur ve yat\u0131r\u0131m portf\u00f6y\u00fcnde belirli f\u0131rsatlar sunar.<\/p><\/div>

Vietnam'da \u0130mtiyazl\u0131 Hisselerin S\u0131n\u0131fland\u0131r\u0131lmas\u0131 ve \u00d6zel \u00d6rnekler<\/h3><\/div>
\u0130mtiyazl\u0131 Hisse T\u00fcr\u00fc<\/th>Detayl\u0131 \u00d6zellikler<\/th>Vietnam'da \u00d6zel \u00d6rnekler<\/th>Yat\u0131r\u0131mc\u0131lar \u0130\u00e7in Uygun<\/th><\/tr><\/thead>
Temett\u00fc \u0130mtiyazl\u0131 Hisseler<\/td>- Sabit temett\u00fc oran\u0131 y\u0131ll\u0131k %7-9- Adi hissedarlardan \u00f6nce \u00f6denir- Temett\u00fcler periyodik olarak \u00f6denir (genellikle \u00fc\u00e7 ayda bir)- Fiyat daha az dalgal\u0131, genellikle y\u0131ll\u0131k \u00b1%5-8 dalgalan\u0131r<\/td>- VIC.P (Vingroup): y\u0131ll\u0131k %8,2, \u00fc\u00e7 ayda bir temett\u00fc- MSN.P (Masan Group): y\u0131ll\u0131k %8,5, y\u0131lda iki kez \u00f6denir- REE.P (REE Corp): y\u0131ll\u0131k %8,0, y\u0131ll\u0131k \u00f6deme<\/td>- 50+ ya\u015f\u0131ndaki yat\u0131r\u0131mc\u0131lar- \u0130stikrarl\u0131 geliri \u00f6nceliklendirir- Y\u00fcksek risk istemez- D\u00fczenli nakit ak\u0131\u015f\u0131na ihtiya\u00e7 duyar<\/td><\/tr>
D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir \u0130mtiyazl\u0131 Hisseler<\/td>- Belirlenen oranla adi hisseye d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir- Daha d\u00fc\u015f\u00fck temett\u00fc oran\u0131 (y\u0131ll\u0131k %6-7)- D\u00f6n\u00fc\u015f\u00fcm tarihi sabit veya yat\u0131r\u0131mc\u0131n\u0131n karar\u0131yla- D\u00f6n\u00fc\u015f\u00fcm oran\u0131 genellikle 1:1'den 1:1,5'e<\/td>- VPB.PC (VPBank): y\u0131ll\u0131k %6,8, 3 y\u0131l sonra 1:1,2 d\u00f6n\u00fc\u015f\u00fcm oran\u0131- TCB.PC (Techcombank): y\u0131ll\u0131k %6,5, 5 y\u0131l sonra 1:1,3 oran\u0131- FPT.PC (FPT Corp): y\u0131ll\u0131k %6,5, 2 y\u0131l sonra 1:1,15 oran\u0131, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir<\/td>- 35-50 ya\u015f\u0131ndaki yat\u0131r\u0131mc\u0131lar- Gelir ve b\u00fcy\u00fcmeyi dengelemek- Orta risk i\u015ftah\u0131- \u015eirketin uzun vadeli potansiyeline inanmak<\/td><\/tr>
\u00c7a\u011fr\u0131labilir \u0130mtiyazl\u0131 Hisseler<\/td>- \u015eirketin belirli bir s\u00fcre sonra belirlenen fiyattan geri sat\u0131n alma hakk\u0131 vard\u0131r- Geri sat\u0131n alma fiyat\u0131 genellikle ihra\u00e7 fiyat\u0131ndan %10-25 daha y\u00fcksektir- \u00c7a\u011fr\u0131 riski i\u00e7in daha y\u00fcksek temett\u00fc oran\u0131 (y\u0131ll\u0131k %8-9,5)- \u00c7a\u011fr\u0131 s\u00fcresi genellikle ihra\u00e7tan 3-7 y\u0131l sonra<\/td>- VNM.P (Vinamilk): y\u0131ll\u0131k %8,5, 5 y\u0131l sonra nominal de\u011ferin %120'sinde \u00e7a\u011fr\u0131labilir- MBB.P (MBBank): y\u0131ll\u0131k %8,7, 3 y\u0131l sonra nominal de\u011ferin %115'inde \u00e7a\u011fr\u0131labilir- HPG.P (Hoa Phat): y\u0131ll\u0131k %9,2, 4 y\u0131l sonra nominal de\u011ferin %125'inde \u00e7a\u011fr\u0131labilir<\/td>- Esnek yat\u0131r\u0131mc\u0131lar- Erken \u00e7a\u011fr\u0131 riskini kabul eder- Daha y\u00fcksek temett\u00fcleri \u00f6nceliklendirir- 3-5 y\u0131ll\u0131k finansal plana sahip<\/td><\/tr>
Kat\u0131l\u0131mc\u0131 \u0130mtiyazl\u0131 Hisseler<\/td>- Temel sabit temett\u00fc (y\u0131ll\u0131k %7-8)- \u015eirket kar hedeflerini a\u015ft\u0131\u011f\u0131nda ek temett\u00fc- Bonus temett\u00fc genellikle fazla k\u0131sm\u0131n %10-30'una e\u015fittir- Genellikle \u00f6zelle\u015ftirilmi\u015f devlet i\u015fletmelerinde uygulan\u0131r<\/td>- HVN.PP (Vietnam Airlines): y\u0131ll\u0131k %7,2 + plan\u0131 a\u015fan net kar\u0131n %15'i- POW.PP (PV Power): y\u0131ll\u0131k %7,5 + fazla k\u0131sm\u0131n %20'si- GEX.PP (Gelex Group): y\u0131ll\u0131k %7,8 + ROE %18'i a\u015ft\u0131\u011f\u0131nda fazla k\u0131sm\u0131n %25'i<\/td>- \"Her iki d\u00fcnyay\u0131\" isteyen yat\u0131r\u0131mc\u0131lar- \u0130stikrarl\u0131 temett\u00fc ve gelir b\u00fcy\u00fcme f\u0131rsat\u0131 isteyen- \u015eirketin b\u00fcy\u00fcme potansiyeline inanan- Orta-y\u00fcksek risk i\u015ftah\u0131<\/td><\/tr>
Birikimli \u0130mtiyazl\u0131 Hisseler<\/td>- \u00d6denmemi\u015f temett\u00fcler birikir- Birikmi\u015f temett\u00fcler adi hissedarlara \u00f6deme yap\u0131lmadan \u00f6nce \u00f6denmelidir- D\u00fczensiz nakit ak\u0131\u015f\u0131na sahip \u015firketler i\u00e7in uygundur- Zor d\u00f6nemlerde yat\u0131r\u0131mc\u0131lar\u0131 korur<\/td>- BID.P (BIDV): y\u0131ll\u0131k %7,5, tam \u00f6denmezse birikir- PVD.P (PV Drilling): y\u0131ll\u0131k %8,0, zaman s\u0131n\u0131r\u0131 olmadan birikir- DXG.P (Dat Xanh): y\u0131ll\u0131k %8,2, birikir ve 3 y\u0131l i\u00e7inde \u00f6denmelidir<\/td>- Uzun vadeli yat\u0131r\u0131mc\u0131lar- Mutlak g\u00fcvenli\u011fi \u00f6nceliklendirir- Gecikmi\u015f temett\u00fcleri kabul eder- D\u00f6ng\u00fcsel end\u00fcstrilere yat\u0131r\u0131m yapar<\/td><\/tr><\/tbody><\/table><\/div><\/div>

Vietnam'\u0131n imtiyazl\u0131 hisse senedi piyasas\u0131, ihra\u00e7 eden i\u015fletmelerin ve yat\u0131r\u0131mc\u0131lar\u0131n \u00f6zel ihtiya\u00e7lar\u0131n\u0131 kar\u015f\u0131lamak \u00fczere tasarlanm\u0131\u015f bir\u00e7ok varyantla giderek daha \u00e7e\u015fitli hale geliyor. Ho Chi Minh City Borsa (HOSE) istatistiklerine g\u00f6re, temett\u00fc imtiyazl\u0131 hisseleri ve d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir imtiyazl\u0131 hisseler, toplam imtiyazl\u0131 hisse senedi de\u011ferinin \u015fu anda %78,5'ini olu\u015fturuyor (49.750 milyar VND'nin 38.000 milyar VND'si).<\/p><\/div>

2020'den \u0130tibaren Vietnam'da \u0130mtiyazl\u0131 Hisseler \u0130\u00e7in Yeni Hukuki \u00c7er\u00e7eve<\/h3><\/div>

Vietnam'da imtiyazl\u0131 hisseler i\u00e7in hukuki \u00e7er\u00e7eve esas olarak 2020 \u0130\u015fletme Kanunu (1 Ocak 2021'den itibaren y\u00fcr\u00fcrl\u00fckte) ve menkul k\u0131ymetleri y\u00f6nlendiren 155\/2020\/ND-CP Kararnamesi ile d\u00fczenlenmi\u015ftir. Bu yeni d\u00fczenlemeler, imtiyazl\u0131 hisse senedi piyasas\u0131n\u0131n geli\u015fmesi i\u00e7in daha elveri\u015fli ko\u015fullar yaratm\u0131\u015ft\u0131r.<\/p><\/div>

  • Geni\u015fletilmi\u015f \u0130hra\u00e7 S\u0131n\u0131r\u0131: Anonim \u015firketler, toplam de\u011feri sermaye tavan\u0131n\u0131n %50'sine kadar (\u00f6nceden %35'ten art\u0131r\u0131lm\u0131\u015f) imtiyazl\u0131 hisse senedi ihra\u00e7 edebilir, daha geni\u015f bir fon toplama alan\u0131 yarat\u0131r.<\/li>
  • Esnek Oy Haklar\u0131: \u0130mtiyazl\u0131 hissedarlar, imtiyazl\u0131 hisse senedi \u015fartlar\u0131n\u0131n de\u011fi\u015ftirilmesi, kurumsal yeniden yap\u0131land\u0131rma, ayn\u0131 s\u0131n\u0131ftan ek imtiyazl\u0131 hisse senedi ihra\u00e7 edilmesi gibi do\u011frudan \u00e7\u0131karlar\u0131n\u0131 etkileyen konularda s\u0131n\u0131rl\u0131 oy haklar\u0131na sahip olabilirler.<\/li>
  • Daha Esnek Transfer: \u015eirket t\u00fcz\u00fc\u011f\u00fc, imtiyazl\u0131 hisse senetlerinin devri i\u00e7in \u00f6zel ko\u015fullar\u0131 d\u00fczenleyebilir, ancak \u00f6deme tamamland\u0131ktan sonra 120 g\u00fcnden fazla k\u0131s\u0131tlama getiremez (\u00f6nceden 180 g\u00fcnden azalt\u0131lm\u0131\u015ft\u0131r).<\/li>
  • D\u00f6n\u00fc\u015f\u00fcm \u00dczerine \u00d6zel D\u00fczenlemeler: Ko\u015fullar, oran ve d\u00f6n\u00fc\u015f\u00fcm zaman\u0131 ihra\u00e7tan itibaren a\u00e7\u0131k\u00e7a tan\u0131mlanmal\u0131d\u0131r, bu da yat\u0131r\u0131mc\u0131 haklar\u0131n\u0131n \u015feffafl\u0131\u011f\u0131n\u0131 art\u0131rmaya yard\u0131mc\u0131 olur.<\/li>
  • \u00c7a\u011fr\u0131 Haklar\u0131 S\u0131k\u0131 D\u00fczenlenmi\u015ftir: \u015eirketler, kararla\u015ft\u0131r\u0131lan ko\u015fullara g\u00f6re imtiyazl\u0131 hisse senetlerini geri sat\u0131n alma hakk\u0131na sahiptir, ancak tam ve zaman\u0131nda \u00f6deme sa\u011flamal\u0131, vade tarihinden itibaren 90 g\u00fcnden fazla geciktiremez.<\/li><\/ul><\/div>

    SSI Securities Hukuk Departman\u0131 Ba\u015fkan Yard\u0131mc\u0131s\u0131 Bay Tran Hai An'a g\u00f6re, \"2020 \u0130\u015fletme Kanunu, imtiyazl\u0131 hisse senetleri i\u00e7in yasal alan\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde geni\u015fletti, i\u015fletmelerin sermaye toplama ihtiya\u00e7lar\u0131na ve sekt\u00f6r \u00f6zelliklerine daha uygun finansal \u00fcr\u00fcnler tasarlamalar\u0131na olanak tan\u0131d\u0131. Bu, Vietnam pazar\u0131n\u0131 uluslararas\u0131 standartlara daha da yakla\u015ft\u0131ran \u00f6nemli bir ad\u0131md\u0131r. Ancak, geli\u015fmi\u015f piyasalara k\u0131yasla, Vietnam hala baz\u0131 d\u00fczenlemeleri gev\u015fetmeli, \u00f6zellikle imtiyazl\u0131 hisse senetlerinin ikincil piyasada daha kolay listelenmesi ve ticaretinin kolayla\u015ft\u0131r\u0131lmas\u0131 konusunda.\"<\/p><\/div>

    \u0130mtiyazl\u0131 Hisselerin Di\u011fer Yat\u0131r\u0131m Kanallar\u0131 ile Avantaj ve Dezavantajlar\u0131n\u0131n Kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131<\/h2><\/div>

    \u0130mtiyazl\u0131 hisselerin ki\u015fisel finansal hedefler i\u00e7in uygun bir yat\u0131r\u0131m kanal\u0131 olup olmad\u0131\u011f\u0131na karar vermek i\u00e7in, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar bu arac\u0131n alternatif yat\u0131r\u0131m kanallar\u0131 ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda avantaj ve dezavantajlar\u0131n\u0131 dikkatlice analiz etmelidir. A\u015fa\u011f\u0131da, 2023'\u00fcn 3. \u00e7eyre\u011fine kadar g\u00fcncellenmi\u015f piyasa verilerine dayal\u0131 ayr\u0131nt\u0131l\u0131 bir analiz bulunmaktad\u0131r:<\/p><\/div>

    Avantajlar<\/th>\u00d6zel Detaylar<\/th>Dezavantajlar<\/th>Kar\u015f\u0131 \u00d6nlemler<\/th><\/tr><\/thead>
    Tasarruflardan Daha Y\u00fcksek \u0130stikrarl\u0131 Gelir:<\/b> Sabit temett\u00fcler y\u0131ll\u0131k %7-9, mevcut tasarruf faiz oranlar\u0131ndan (%3,5-5) \u00fcst\u00fcn<\/td>VIC.P: y\u0131ll\u0131k %8,2, \u00fc\u00e7 ayda bir \u00f6denirBID.P: y\u0131ll\u0131k %7,5, y\u0131lda iki kez \u00f6denirMSN.P: y\u0131ll\u0131k %8,5, periyodik olarak \u00f6denir<\/td>S\u0131n\u0131rl\u0131 Fiyat Art\u0131\u015f Potansiyeli:<\/b> \u015eirket b\u00fcy\u00fck \u00f6l\u00e7\u00fcde b\u00fcy\u00fcd\u00fc\u011f\u00fcnde fazla fayda sa\u011flamaz (genellikle sadece y\u0131ll\u0131k %5-15)<\/td>Her iki \u015firketin de %70 imtiyazl\u0131 hisse ve %30 adi hisse ile birle\u015ftirin<\/td><\/tr>
    \u00d6deme \u00d6nceli\u011fi:<\/b> Adi hissedarlardan \u00f6nce temett\u00fc al\u0131r ve tasfiye \u00f6ncesi \u00f6deme al\u0131r<\/td>\u0130flas durumunda \u00f6deme s\u0131ras\u0131:1. Teminatl\u0131 alacakl\u0131lar2. Teminats\u0131z tahvil sahipleri3. \u0130mtiyazl\u0131 hissedarlar4. Adi hissedarlar<\/td>Oy Hakk\u0131 Yok:<\/b> \u015eirket kararlar\u0131 \u00fczerinde az etki, y\u00f6netime kat\u0131lamaz<\/td>\u0130yi y\u00f6netim, \u015feffafl\u0131k olan veya s\u0131n\u0131rl\u0131 oy hakk\u0131 olan \u015firketlerden imtiyazl\u0131 hisse se\u00e7in<\/td><\/tr>
    Daha Az Fiyat Dalgalanmas\u0131:<\/b> \u0130mtiyazl\u0131 hisse fiyatlar\u0131 adi hisselere g\u00f6re %40-60 daha istikrarl\u0131<\/td>2022'deki ortalama fiyat dalgalanmas\u0131:- Adi hisseler: %24,8- \u0130mtiyazl\u0131 hisseler: %13,2- VN-Index: %22,5<\/td>Faiz Oran\u0131 Riski:<\/b> Piyasa faiz oranlar\u0131 %1 artt\u0131\u011f\u0131nda fiyat %5-10 d\u00fc\u015febilir (tahviller gibi)<\/td>Vade\/d\u00f6n\u00fc\u015f\u00fcm zamanlar\u0131n\u0131 \u00e7e\u015fitlendirin, \"\u0130mtiyazl\u0131 Merdiven\" stratejisini uygulay\u0131n<\/td><\/tr>
    Genel Riski Azaltma:<\/b> Portf\u00f6y dalgalanmas\u0131n\u0131 %23 azalt\u0131r, %15-25 imtiyazl\u0131 hisse tahsis edildi\u011finde<\/td>2020-2022 d\u00f6neminde %20 imtiyazl\u0131 hisse tahsis eden portf\u00f6y, %100 adi hisse portf\u00f6y\u00fcne g\u00f6re %32 daha az azald\u0131<\/td>Olumsuz \u00c7a\u011fr\u0131 Riski:<\/b> \u015eirket, faiz oranlar\u0131 d\u00fc\u015ft\u00fc\u011f\u00fcnde geri \u00e7a\u011f\u0131rabilir, yat\u0131r\u0131mc\u0131lar\u0131n y\u00fcksek temett\u00fc f\u0131rsatlar\u0131n\u0131 kaybetmesine neden olabilir<\/td>\u00c7a\u011fr\u0131 \u015fartlar\u0131n\u0131 dikkatlice okuyun, y\u00fcksek \u00e7a\u011fr\u0131 fiyat\u0131 olan t\u00fcrleri (%120-130 nominal de\u011fer) veya \u00e7a\u011fr\u0131 h\u00fckm\u00fc olmayan t\u00fcrleri se\u00e7in<\/td><\/tr>
    Piyasa D\u00fc\u015f\u00fc\u015flerinde Koruma:<\/b> D\u00fc\u015fen piyasalarda adi hisselere g\u00f6re %50-60 daha az d\u00fc\u015fer<\/td>2020'nin 1. \u00e7eyre\u011finde (Covid-19):- VN-Index: -%31,5- Adi hisseler: -%27,5- \u0130mtiyazl\u0131 hisseler: -%12,3<\/td>D\u00fc\u015f\u00fck Likidite:<\/b> Ortalama i\u015flem hacmi adi hisselerin sadece %15-20'si, h\u0131zl\u0131 al\u0131m\/sat\u0131m zor<\/td>G\u00fcnl\u00fck i\u015flem hacmi >50.000 hisse olan imtiyazl\u0131 hisse se\u00e7in, %1-2 al\u0131m-sat\u0131m fark\u0131n\u0131 kabul edin, uzun vadeli vizyonla yat\u0131r\u0131m yap\u0131n<\/td><\/tr>
    Vergi Tasarrufu:<\/b> \u0130mtiyazl\u0131 hisse temett\u00fcleri sadece %5 vergilendirilir (tasarruf faizi i\u00e7in %5 ve tahvil faizi i\u00e7in %5-10 ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda)<\/td>Di\u011fer baz\u0131 yat\u0131r\u0131m kanallar\u0131na k\u0131yasla her y\u0131l %5'e kadar vergi tasarrufu<\/td>Temett\u00fc Ask\u0131ya Alma Riski:<\/b> \u015eirket zor d\u00f6nemlerde temett\u00fc \u00f6demelerini erteleyebilir<\/td>Birikimli imtiyazl\u0131 hisseleri ve kar\u0131n <%70'ini temett\u00fc olarak da\u011f\u0131tan, >3 y\u0131ll\u0131k istikrarl\u0131 temett\u00fc \u00f6deme ge\u00e7mi\u015fi olan i\u015fletmelerden \u00f6ncelik verin<\/td><\/tr><\/tbody><\/table><\/div><\/div>

    \u0130mtiyazl\u0131 hisseler, istikrarl\u0131 gelir ile orta d\u00fczeyde sermaye b\u00fcy\u00fcme potansiyeli aras\u0131nda denge arayan yat\u0131r\u0131mc\u0131lar i\u00e7in ideal yat\u0131r\u0131m ara\u00e7lar\u0131d\u0131r. Pocket Option taraf\u0131ndan 2020-2023 y\u0131llar\u0131 aras\u0131nda 12.500 Vietnaml\u0131 yat\u0131r\u0131mc\u0131dan elde edilen verilerle yap\u0131lan \u00f6zel ara\u015ft\u0131rma, %15-25 imtiyazl\u0131 hisse tahsis eden portf\u00f6ylerin, sadece adi hisse senetlerinden olu\u015fan portf\u00f6ylere k\u0131yasla genel dalgalanmay\u0131 %23 azaltt\u0131\u011f\u0131n\u0131, ancak yine de y\u0131ll\u0131k ortalama %9,5-11,2 getiri sa\u011flad\u0131\u011f\u0131n\u0131 - %100 adi hisse portf\u00f6ylerinden sadece %3,8 daha d\u00fc\u015f\u00fck, ancak \u00f6nemli \u00f6l\u00e7\u00fcde daha d\u00fc\u015f\u00fck riskle - g\u00f6stermektedir.<\/p><\/div>

    MBS Securities'de 18 y\u0131ll\u0131k deneyime sahip Yat\u0131r\u0131m Analizi Ba\u015fkan\u0131 Bayan Tran Thi Minh Hang, \"Vietnam borsa piyasas\u0131n\u0131n \u015fu anki gibi g\u00fc\u00e7l\u00fc dalgalanmalar ya\u015fad\u0131\u011f\u0131 bir ba\u011flamda, imtiyazl\u0131 hisseler yat\u0131r\u0131m portf\u00f6yleri i\u00e7in '\u015fok emici' rol\u00fc oynar. 2018-2023 verilerinin analizi, VN-Index'in g\u00fc\u00e7l\u00fc bir \u015fekilde artt\u0131\u011f\u0131 d\u00f6nemlerde (2021 gibi), imtiyazl\u0131 hisselerin adi hisselere g\u00f6re %40-50 daha yava\u015f artt\u0131\u011f\u0131n\u0131, ancak derin d\u00fc\u015f\u00fc\u015f d\u00f6nemlerinde (2020'nin 1. \u00e7eyre\u011fi veya 2022'nin 2. \u00e7eyre\u011fi gibi), imtiyazl\u0131 hisselerin genel piyasaya g\u00f6re sadece 1\/3 ila 1\/2 oran\u0131nda azald\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu, y\u00fcksek dalgal\u0131 bir yat\u0131r\u0131m ortam\u0131nda varl\u0131klar\u0131 korumak i\u00e7in gerekli bir ara\u00e7t\u0131r.\" diyor.<\/p><\/div>

    \u0130mtiyazl\u0131 Hisselerin Di\u011fer Yat\u0131r\u0131m Kanallar\u0131 ile Yat\u0131r\u0131m Performans\u0131n\u0131n Kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131<\/h2><\/div>

    \u0130mtiyazl\u0131 hisselerin yat\u0131r\u0131m verimlili\u011fine objektif bir bak\u0131\u015f a\u00e7\u0131s\u0131 kazanmak i\u00e7in, Vietnam pazar\u0131ndaki 5 temsilci imtiyazl\u0131 hissenin 5 y\u0131ll\u0131k performans\u0131n\u0131 (2018-2023) analiz edelim ve alternatif yat\u0131r\u0131m kanallar\u0131 ile kar\u015f\u0131la\u015ft\u0131ral\u0131m.<\/p><\/div>

    Hisse Kodu<\/th>T\u00fcr<\/th>Mevcut Temett\u00fc<\/th>5 Y\u0131ll\u0131k Toplam Getiri<\/th>Fiyat Dalgalanmas\u0131 (Standart Sapma)<\/th>Sharpe Oran\u0131*<\/th>Ortalama Likidite (Hisse\/g\u00fcn)<\/th><\/tr><\/thead>
    VIC.P<\/td>Temett\u00fc \u0130mtiyazl\u0131<\/td>y\u0131ll\u0131k %8,2<\/td>+%48,5 (y\u0131ll\u0131k +%8,2)<\/td>%12,3<\/td>0,61<\/td>52.300<\/td><\/tr>
    BID.P<\/td>Birikimli \u0130mtiyazl\u0131<\/td>y\u0131ll\u0131k %7,5<\/td>+%42,8 (y\u0131ll\u0131k +%7,4)<\/td>%10,5<\/td>0,63<\/td>78.650<\/td><\/tr>
    VPB.PC<\/td>D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir \u0130mtiyazl\u0131<\/td>y\u0131ll\u0131k %6,8<\/td>+%58,2 (y\u0131ll\u0131k +%9,6)<\/td>%15,2<\/td>0,58<\/td>65.420<\/td><\/tr>
    MSN.P<\/td>\u00c7a\u011fr\u0131labilir \u0130mtiyazl\u0131<\/td>y\u0131ll\u0131k %8,5<\/td>+%45,3 (y\u0131ll\u0131k +%7,8)<\/td>%13,8<\/td>0,52<\/td>48.750<\/td><\/tr>
    POW.PP<\/td>Kat\u0131l\u0131mc\u0131 \u0130mtiyazl\u0131<\/td>%7,2 + bonus<\/td>+%53,6 (y\u0131ll\u0131k +%9,0)<\/td>%16,7<\/td>0,50<\/td>32.180<\/td><\/tr>
    Di\u011fer Yat\u0131r\u0131m Kanallar\u0131 ile Kar\u015f\u0131la\u015ft\u0131rma (Ayn\u0131 5 Y\u0131ll\u0131k D\u00f6nem: 2018-2023)<\/b><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/tr>
    VN-Index<\/td>Endeks<\/td>N\/A<\/td>+%64,7 (y\u0131ll\u0131k +%10,5)<\/td>%24,5<\/td>0,41<\/td>\u00c7ok y\u00fcksek<\/td><\/tr>
    VIC (adi hisse)<\/td>Hisse<\/td>y\u0131ll\u0131k %0-2<\/td>+%38,2 (y\u0131ll\u0131k +%6,7)<\/td>%26,8<\/td>0,23<\/td>2.350.000<\/td><\/tr>
    Devlet Tahvilleri<\/td>10 y\u0131l<\/td>y\u0131ll\u0131k %4,5<\/td>+%26,2 (y\u0131ll\u0131k +%4,8)<\/td>%5,3<\/td>0,76<\/td>Y\u00fcksek<\/td><\/tr>
    Banka Mevduatlar\u0131<\/td>12 ay<\/td>y\u0131ll\u0131k %5,0<\/td>+%28,3 (y\u0131ll\u0131k +%5,1)<\/td>%1,2<\/td>3,35<\/td>\u00c7ok y\u00fcksek<\/td><\/tr>
    SJC Alt\u0131n<\/td>Emtia<\/td>N\/A<\/td>+%72,5 (y\u0131ll\u0131k +%11,5)<\/td>%18,2<\/td>0,60<\/td>Orta<\/td><\/tr><\/tbody><\/table><\/div><\/div>

    *Sharpe Oran\u0131: A\u015f\u0131r\u0131 getirinin risk oran\u0131 (daha y\u00fcksek daha iyidir)<\/p><\/div>

    Yukar\u0131daki performans analizi a\u015fa\u011f\u0131daki dikkat \u00e7ekici noktalar\u0131 g\u00f6stermektedir:<\/p><\/div>

    • Dengeli Performans: \u0130mtiyazl\u0131 hisseler, 5 y\u0131ll\u0131k toplam getirilerde %42,8 ile %58,2 aras\u0131nda (y\u0131ll\u0131k ortalama %7,4-9,6) getiri sa\u011flad\u0131, banka mevduatlar\u0131ndan (%28,3) ve devlet tahvillerinden (%26,2) \u00f6nemli \u00f6l\u00e7\u00fcde daha y\u00fcksek, ancak VN-Index (%64,7) ve SJC alt\u0131n (%72,5) ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda biraz daha d\u00fc\u015f\u00fck.<\/li>
    • Daha D\u00fc\u015f\u00fck Dalgalanma: \u0130mtiyazl\u0131 hisselerin standart sapmas\u0131 (%10,5-16,7), adi hisselere (%24,5-26,8) g\u00f6re \u00e7ok daha d\u00fc\u015f\u00fckt\u00fcr, bu da daha istikrarl\u0131 bir yat\u0131r\u0131m portf\u00f6y\u00fc olu\u015fturur.<\/li>
    • \u00dcst\u00fcn Sharpe Oran\u0131: \u0130mtiyazl\u0131 hisseler, adi hisselere (%0,23-0,41) g\u00f6re \u00f6nemli \u00f6l\u00e7\u00fcde daha iyi Sharpe oranlar\u0131na (%0,50-0,63) sahiptir, bu da birim ba\u015f\u0131na daha y\u00fcksek yat\u0131r\u0131m verimlili\u011fi g\u00f6sterir. Sadece banka mevduatlar\u0131 daha y\u00fcksek bir Sharpe Oran\u0131na sahiptir (%3,35), ancak daha d\u00fc\u015f\u00fck mutlak getirilerle.<\/li>
    • Savunma Etkinli\u011fi: Keskin piyasa d\u00fc\u015f\u00fc\u015fleri s\u0131ras\u0131nda (\u00f6rne\u011fin, Covid-19'un patlak verdi\u011fi 2020'nin 1. \u00e7eyre\u011fi gibi), imtiyazl\u0131 hisseler VN-Index'teki %31,5'lik d\u00fc\u015f\u00fc\u015fe k\u0131yasla ortalama %12,3 azald\u0131, \u00fcst\u00fcn savunma \u00f6zellikleri g\u00f6sterdi.<\/li>
    • S\u0131n\u0131rl\u0131 Likidite: Ortalama i\u015flem hacimleri 32.000-78.000 hisse\/g\u00fcn olan imtiyazl\u0131 hisseler, adi hisselere (genellikle >1 milyon hisse\/g\u00fcn) g\u00f6re \u00e7ok daha d\u00fc\u015f\u00fck likiditeye sahiptir. Bu, bu arac\u0131n en b\u00fcy\u00fck zay\u0131fl\u0131\u011f\u0131d\u0131r ve yat\u0131r\u0131mc\u0131lar\u0131n orta-uzun vadeli bir vizyona sahip olmalar\u0131n\u0131 gerektirir.<\/li><\/ul><\/div>

      Pocket Option uzmanlar\u0131n\u0131n analizine g\u00f6re, imtiyazl\u0131 hisseler ekonomik istikrars\u0131zl\u0131k d\u00f6nemlerinde veya yatay piyasalarda \u00f6zellikle iyi performans g\u00f6sterir. VN-Index'in %20,2 d\u00fc\u015ft\u00fc\u011f\u00fc 2022'nin 2. \u00e7eyre\u011finde, %50 imtiyazl\u0131 hisse + %50 nakit portf\u00f6y\u00fc sadece %8,5 azald\u0131, yat\u0131r\u0131mc\u0131lar i\u00e7in kay\u0131plar\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde minimize etti.<\/p><\/div>

      Vietnaml\u0131 Yat\u0131r\u0131mc\u0131lar \u0130\u00e7in \u0130mtiyazl\u0131 Hisselerle 5 Etkili Yat\u0131r\u0131m Stratejisi<\/h2><\/div>

      \u0130mtiyazl\u0131 hisselere yat\u0131r\u0131m yaparken faydalar\u0131 optimize etmek ve riskleri minimize etmek i\u00e7in, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar bu arac\u0131n \u00f6zelliklerine ve mevcut piyasa ba\u011flam\u0131na uygun olarak tasarlanm\u0131\u015f yat\u0131r\u0131m stratejilerini uygulamal\u0131d\u0131r.<\/p><\/div>

      1. \u0130mtiyazl\u0131 Hisseleri Birle\u015ftiren Varl\u0131k Da\u011f\u0131t\u0131m Stratejisi<\/h3><\/div>

      Bir yat\u0131r\u0131m portf\u00f6y\u00fcnde imtiyazl\u0131 hisseleri do\u011fru bir \u015fekilde da\u011f\u0131tmak, ki\u015fisel finansal hedeflere ula\u015fmak i\u00e7in \u00f6nemli bir fakt\u00f6rd\u00fcr. 2018-2023 y\u0131llar\u0131 aras\u0131nda 12.500 Vietnaml\u0131 yat\u0131r\u0131mc\u0131n\u0131n veri analizine dayanarak, Pocket Option a\u015fa\u011f\u0131daki 4 \u00f6zel da\u011f\u0131t\u0131m modelini \u00f6nermektedir:<\/p><\/div>

      Yat\u0131r\u0131mc\u0131 Modeli<\/th>Optimal \u0130mtiyazl\u0131 Hisse Oran\u0131<\/th>Uygun \u0130mtiyazl\u0131 Hisse T\u00fcrleri<\/th>Detayl\u0131 Varl\u0131k Da\u011f\u0131t\u0131m\u0131<\/th>Beklenen Performans*<\/th><\/tr><\/thead>
      Sermaye Koruma<\/b>- Ya\u015f: 55+- Hedef: \u0130stikrarl\u0131 gelir- Risk i\u015ftah\u0131: D\u00fc\u015f\u00fck- Yat\u0131r\u0131m s\u00fcresi: 2-5 y\u0131l<\/td>%40-50<\/td>- Temett\u00fc imtiyazl\u0131 hisseler (%60)- Birikimli imtiyazl\u0131 hisseler (%40)\u00d6zel \u00f6rnekler:- VIC.P, BID.P, MSN.P- Y\u0131ll\u0131k >%8 temett\u00fc \u00f6nceliklendir<\/td>- %45 imtiyazl\u0131 hisse- %30 iyi dereceli kurumsal tahvil- %15 mavi \u00e7ip adi hisse (VCB, FPT, VNM)- %10 nakit veya mevduat sertifikalar\u0131<\/td>y\u0131ll\u0131k %7-8Dalgalanma: %8-10Sharpe Oran\u0131: 0,70Maksimum d\u00fc\u015f\u00fc\u015f: %12<\/td><\/tr>
      Gelir-B\u00fcy\u00fcme Dengesi<\/b>- Ya\u015f: 40-55- Hedef: Gelir ve b\u00fcy\u00fcme- Risk i\u015ftah\u0131: Orta- Yat\u0131r\u0131m s\u00fcresi: 5-10 y\u0131l<\/td>%20-30<\/td>- D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir imtiyazl\u0131 hisseler (%50)- Kat\u0131l\u0131mc\u0131 imtiyazl\u0131 hisseler (%50)\u00d6zel \u00f6rnekler:- VPB.PC, TCB.PC, GEX.PP- B\u00fcy\u00fcme potansiyelini \u00f6nceliklendir<\/td>- %25 imtiyazl\u0131 hisse- %20 kurumsal tahvil- %45 adi hisse (%30 mavi \u00e7ip, %15 orta \u00f6l\u00e7ekli)- %10 nakit<\/td>y\u0131ll\u0131k %9-10Dalgalanma: %14-16Sharpe Oran\u0131: 0,58Maksimum d\u00fc\u015f\u00fc\u015f: %18<\/td><\/tr>
      Aktif B\u00fcy\u00fcme<\/b>- Ya\u015f: 25-40- Hedef: Sermaye b\u00fcy\u00fcmesi- Risk i\u015ftah\u0131: Y\u00fcksek- Yat\u0131r\u0131m s\u00fcresi: 10-20 y\u0131l<\/td>%10-15<\/td>- D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir imtiyazl\u0131 hisseler (%70)- \u00c7a\u011fr\u0131labilir imtiyazl\u0131 hisseler (%30)\u00d6zel \u00f6rnekler:- FPT.PC, VPB.PC, MBB.P- Y\u00fcksek yukar\u0131 potansiyeli \u00f6nceliklendir<\/td>- %15 imtiyazl\u0131 hisse- %10 kurumsal tahvil- %65 adi hisse (%40 mavi \u00e7ip, %25 orta\/k\u00fc\u00e7\u00fck \u00f6l\u00e7ekli)- %10 nakit<\/td>y\u0131ll\u0131k %10-12Dalgalanma: %18-20Sharpe Oran\u0131: 0,52Maksimum d\u00fc\u015f\u00fc\u015f: %25<\/td><\/tr>
      D\u00fc\u015fen Piyasalarda Savunma<\/b>- VN-Index zirveden >%15 d\u00fc\u015ft\u00fc\u011f\u00fcnde uygula- Hedef: Sermaye koruma- Risk i\u015ftah\u0131: Dikkatli- S\u00fcre: 6-12 ay<\/td>%30-40<\/td>- Temett\u00fc imtiyazl\u0131 hisseler (%80)- Birikimli imtiyazl\u0131 hisseler (%20)\u00d6zel \u00f6rnekler:- REE.P, BID.P, VIC.P- Y\u00fcksek likiditeyi \u00f6nceliklendir<\/td>- %35 imtiyazl\u0131 hisse- %25 k\u0131sa vadeli tahvil (1-3 y\u0131l)- %20 savunma adi hisse (VNM, REE, NT2)- %20 nakit<\/td>y\u0131ll\u0131k %5-7Dalgalanma: %10-12Sharpe Oran\u0131: 0,45Maksimum d\u00fc\u015f\u00fc\u015f: %15<\/td><\/tr><\/tbody><\/table><\/div><\/div>

      *2018-2023 d\u00f6nemi i\u00e7in geriye d\u00f6n\u00fck testlere dayal\u0131 beklenen performans, gelecekteki sonu\u00e7lar\u0131 garanti etmez<\/p><\/div>

      Vietnam'da hala nadiren uygulanan ancak geli\u015fmi\u015f bir yat\u0131r\u0131m stratejisi olan \"\u0130mtiyazl\u0131 Hisse Merdiveni\" stratejisi, tahvil merdivenlerine benzer \u015fekilde, yat\u0131r\u0131mc\u0131lar\u0131n farkl\u0131 zamanlarda \u00e7a\u011fr\u0131\/d\u00f6n\u00fc\u015f\u00fcm h\u00fck\u00fcmleri olan imtiyazl\u0131 hisselere sermaye tahsis etmelerini gerektirir, bu da faiz oran\u0131 riskini minimize etmeye ve d\u00fczenli nakit ak\u0131\u015f\u0131 yaratmaya yard\u0131mc\u0131 olur.<\/p><\/div>

      1 milyar VND sermaye ile \"\u0130mtiyazl\u0131 Hisse Merdiveni\" stratejisinin \u00f6zel bir \u00f6rne\u011fi:<\/p><\/div>

      • 200 milyon VPB.PC'ye: 3 y\u0131l sonra (2024) d\u00f6n\u00fc\u015f\u00fcm h\u00fckm\u00fc<\/li>
      • 200 milyon MBB.P'ye: 4 y\u0131l sonra (2025) \u00e7a\u011fr\u0131 h\u00fckm\u00fc<\/li>
      • 200 milyon VNM.P'ye: 5 y\u0131l sonra (2026) \u00e7a\u011fr\u0131 h\u00fckm\u00fc<\/li>
      • 200 milyon FPT.PC'ye: 6 y\u0131l sonra (2027) d\u00f6n\u00fc\u015f\u00fcm h\u00fckm\u00fc<\/li>
      • 200 milyon VIC.P'ye: \u00c7a\u011fr\u0131 h\u00fckm\u00fc yok (s\u00fcresiz)<\/li><\/ul><\/div>

        2. Y\u00fcksek Kaliteli \u0130mtiyazl\u0131 Hisseleri Se\u00e7mek \u0130\u00e7in 5 Ad\u0131ml\u0131 S\u00fcre\u00e7<\/h3><\/div>

        T\u00fcm imtiyazl\u0131 hisseler e\u015fit yarat\u0131lmam\u0131\u015ft\u0131r. Y\u00fcksek kaliteli imtiyazl\u0131 hisseleri se\u00e7mek i\u00e7in, yat\u0131r\u0131mc\u0131lar bu 5 ad\u0131ml\u0131 de\u011ferlendirme s\u00fcrecini izlemelidir:<\/p><\/div>

        • Ad\u0131m 1: \u0130hra\u00e7 Eden \u015eirketin Finansal Sa\u011fl\u0131\u011f\u0131n\u0131 De\u011ferlendirin<\/li>
          • ROE'nin >%15 oldu\u011funu ve 3 y\u0131l \u00fcst \u00fcste istikrarl\u0131 oldu\u011funu kontrol edin<\/li>
          • Bor\u00e7\/\u00f6zsermaye oran\u0131 < 1,0 (ideali < 0,7)<\/li>
          • Faiz kar\u015f\u0131lama oran\u0131 (EBIT\/Faiz gideri) > 5,0<\/li>
          • 3 y\u0131l \u00fcst \u00fcste pozitif i\u015fletme nakit ak\u0131\u015f\u0131 (OCF)<\/li>
          • Temett\u00fc \u00f6deme oran\u0131 < kar\u0131n %70'i (s\u00fcrd\u00fcr\u00fclebilirli\u011fi sa\u011flamak i\u00e7in)<\/li><\/ul>
          • Ad\u0131m 2: \u0130mtiyazl\u0131 Hisse \u015eartlar\u0131n\u0131 Detayl\u0131 Analiz Edin<\/li>
            • Prospekt\u00fcs veya hissedarlar toplant\u0131s\u0131 karar\u0131nda ihra\u00e7 \u015fartlar\u0131n\u0131 dikkatlice okuyun<\/li>
            • Temett\u00fc, \u00e7a\u011fr\u0131 haklar\u0131, d\u00f6n\u00fc\u015f\u00fcm ko\u015fullar\u0131na \u00f6zel dikkat g\u00f6sterin<\/li>
            • \u0130mtiyazl\u0131 hissedar koruma maddelerini kontrol edin (seyreltme kar\u015f\u0131t\u0131, veto haklar\u0131)<\/li>
            • Temett\u00fc birikim mekanizmas\u0131n\u0131 (varsa) ve \u015firket temett\u00fcleri ask\u0131ya al\u0131rsa s\u00fcreci de\u011ferlendirin<\/li><\/ul>
            • Ad\u0131m 3: Temett\u00fc \u00c7ekicili\u011fini De\u011ferlendirin<\/li>
              • Ayn\u0131 vadeli tahvil faiz oranlar\u0131 ile temett\u00fc getirisini kar\u015f\u0131la\u015ft\u0131r\u0131n (1,5-2,5% daha y\u00fcksek olmal\u0131d\u0131r)<\/li>
              • Mevduat faiz oranlar\u0131 ile fark\u0131 hesaplay\u0131n (3-4% daha y\u00fcksek olmal\u0131d\u0131r)<\/li>
              • De\u011ferleme riskini belirlemek i\u00e7in \u00f6n\u00fcm\u00fczdeki 1-2 y\u0131l i\u00e7in faiz oran\u0131 trendlerini de\u011ferlendirin<\/li><\/ul>
              • Ad\u0131m 4: Kredi Derecelendirmelerini ve Kurumsal De\u011ferlendirmeleri \u0130nceleyin<\/li>
                • Yerel kurulu\u015flardan kredi derecelendirmelerini kontrol edin (varsa)<\/li>
                • 2-3 sayg\u0131n menkul k\u0131ymet \u015firketinden analiz raporlar\u0131n\u0131 dan\u0131\u015f\u0131n<\/li>
                • B\u00fcy\u00fck kurumlar taraf\u0131ndan sahipli\u011fi de\u011ferlendirin (y\u00fcksek kalite genellikle kurumsal sahiplik >%30 olanlarda bulunur)<\/li><\/ul>
                • Ad\u0131m 5: Likidite ve Ticaret Edilebilirli\u011fi Analiz Edin<\/li>
                  • G\u00fcnl\u00fck ortalama i\u015flem hacmini kontrol edin (ideali >50.000 hisse\/g\u00fcn)<\/li>
                  • Al\u0131\u015f-sat\u0131\u015f fark\u0131n\u0131 de\u011ferlendirin (2%'den az olmal\u0131d\u0131r)<\/li>
                  • Pop\u00fcler ticaret platformlar\u0131nda bulunabilirli\u011fi de\u011ferlendirin<\/li><\/ul><\/ul><\/div>

                    HCMC'de 8,5 milyar VND portf\u00f6y\u00fc olan Ki\u015fisel Yat\u0131r\u0131m Direkt\u00f6r\u00fc Bay Nguyen Quang Thai (37 ya\u015f\u0131nda), \"\u0130mtiyazl\u0131 hisselere yat\u0131r\u0131m yapma konusundaki 5 y\u0131ll\u0131k deneyimimden, her zaman \u00f6nce ihra\u00e7 eden \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 de\u011ferlendirmeyi \u00f6nceliklendiririm. Y\u0131ll\u0131k %9-10 temett\u00fc oran\u0131na sahip \u00e7ekici imtiyazl\u0131 hisseler var, ancak dikkatli bir analizden sonra, i\u015fletmenin kar\u0131n %85-90'\u0131na kadar temett\u00fc \u00f6deme oran\u0131na sahip oldu\u011funu ke\u015ffettim - \u00e7ok y\u00fcksek ve s\u00fcrd\u00fcr\u00fclemez. ROE >%18, g\u00fc\u00e7l\u00fc nakit ak\u0131\u015f\u0131, \u00f6deme oran\u0131 <%65 ve en az 4 y\u0131l \u00fcst \u00fcste istikrarl\u0131 \u00f6deme ge\u00e7mi\u015fi olan i\u015fletmelere \u00f6ncelik vermeyi tercih ediyorum.\" diyor.<\/p><\/div>

                    Pocket Option, yat\u0131r\u0131mc\u0131lara yukar\u0131daki 5 ad\u0131ml\u0131 s\u00fcreci otomatikle\u015ftirmelerine yard\u0131mc\u0131 olmak i\u00e7in \"\u0130mtiyazl\u0131 Hisse Taray\u0131c\u0131\" arac\u0131n\u0131 sunar, ki\u015fisel kriterlere uyan imtiyazl\u0131 hisse listesini saniyeler i\u00e7inde filtreler. Bu ara\u00e7, Vietnam'da i\u015flem g\u00f6ren 37 imtiyazl\u0131 hisseyi 26 finansal kriter ve \u015fartlara g\u00f6re analiz etmektedir.<\/p><\/div>

                    3 Ger\u00e7ek Yat\u0131r\u0131m Durumu: Vietnam Pazar\u0131ndan Dersler<\/h2><\/div>

                    Ger\u00e7ek yat\u0131r\u0131m durumlar\u0131ndan \u00f6\u011frenmek, imtiyazl\u0131 hissel","body_html_source":{"label":"Body HTML","type":"wysiwyg","formatted_value":"

                    \n

                    \u0130mtiyazl\u0131 Hisseler Nedir ve 2023’te Neden \u00c7ekici Bir Se\u00e7enek Haline Geliyorlar?<\/h2>\n<\/div>\n
                    \n

                    2023’\u00fcn ba\u015f\u0131ndan bu yana VN-Index’in 900 ile 1.100 puan aras\u0131nda de\u011fi\u015fti\u011fi Vietnam borsa piyasas\u0131n\u0131n g\u00fc\u00e7l\u00fc dalgalanmalar\u0131 ba\u011flam\u0131nda, bir\u00e7ok yat\u0131r\u0131mc\u0131 banka mevduatlar\u0131na k\u0131yasla \u00fcst\u00fcn getiri sa\u011flayan ancak daha az dalgal\u0131 yat\u0131r\u0131m ara\u00e7lar\u0131 ar\u0131yor. \u0130mtiyazl\u0131 hisseler, y\u0131ll\u0131k %7-9 oran\u0131nda istikrarl\u0131 getiri sa\u011flayan ve sadece %12-16 oran\u0131nda dalgalanan (adi hisse senetleri i\u00e7in %22-25 ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda) ak\u0131ll\u0131 bir yat\u0131r\u0131m \u00e7\u00f6z\u00fcm\u00fc olarak ortaya \u00e7\u0131k\u0131yor.<\/p>\n<\/div>\n

                    \n

                    \u0130mtiyazl\u0131 hisseler, adi hisse senetleri ve tahviller aras\u0131nda hibrit menkul k\u0131ymetlerdir, tahvillerin istikrar\u0131n\u0131 hisse senetlerinin b\u00fcy\u00fcme potansiyeli ile birle\u015ftirir. Esasen, imtiyazl\u0131 hisseler bir \u015firkette k\u0131smi m\u00fclkiyeti temsil eder ancak genellikle oy hakk\u0131 yoktur veya s\u0131n\u0131rl\u0131 oy hakk\u0131 vard\u0131r. Kar\u015f\u0131l\u0131\u011f\u0131nda, yat\u0131r\u0131mc\u0131lar sabit temett\u00fcler i\u00e7in \u00f6ncelik al\u0131r ve \u015firket tasfiyesi durumunda adi hissedarlardan \u00f6nce \u00f6deme al\u0131rlar.<\/p>\n<\/div>\n

                    \n

                    Vietnam’da, imtiyazl\u0131 hisse senedi piyasas\u0131 2018’de 15.000 milyar VND’den 2023’\u00fcn 2. \u00e7eyre\u011finde 49.750 milyar VND’ye (y\u00fczde 232 art\u0131\u015f) etkileyici bir \u015fekilde b\u00fcy\u00fcd\u00fc. Bu, bu yat\u0131r\u0131m arac\u0131na olan artan ilgiyi g\u00f6steriyor. \u00d6zellikle, tasarruf faiz oranlar\u0131n\u0131n 2022’ye k\u0131yasla %1,5-2 d\u00fc\u015ferek %3,5-5\/y\u0131l seviyesine d\u00fc\u015ft\u00fc\u011f\u00fc mevcut makroekonomik ba\u011flamda, enflasyon %3,8’de kal\u0131rken (A\u011fustos 2023 itibar\u0131yla), imtiyazl\u0131 hisseler para de\u011ferini koruma ve \u00fcst\u00fcn gelir elde etme yetene\u011fi ile \u00e7ekici bir yat\u0131r\u0131m kanal\u0131 haline geliyor.<\/p>\n<\/div>\n

                    \n
                    \n\n\n\n\n\n\n\n\n\n\n\n
                    \u00d6zellikler<\/th>\nAdi Hisseler<\/th>\n\u0130mtiyazl\u0131 Hisseler<\/th>\nKurumsal Tahviller<\/th>\n<\/tr>\n<\/thead>\n
                    Oy Haklar\u0131<\/td>\nEvet (1 hisse = 1 oy)<\/td>\nHay\u0131r veya s\u0131n\u0131rl\u0131 (sadece do\u011frudan ilgili konular i\u00e7in)<\/td>\nHay\u0131r<\/td>\n<\/tr>\n
                    Temett\u00fcler\/Faiz<\/td>\nSabit de\u011fil (y\u0131ll\u0131k %0-25), i\u015f sonu\u00e7lar\u0131na ba\u011fl\u0131 olarak<\/td>\nSabit veya form\u00fcle dayal\u0131 (y\u0131ll\u0131k %7-9), adi hissedarlardan \u00f6nce \u00f6ncelikli \u00f6deme<\/td>\nS\u00f6zle\u015fme ile sabitlenmi\u015f (y\u0131ll\u0131k %7-11)<\/td>\n<\/tr>\n
                    Risk<\/td>\nY\u00fcksek (y\u0131ll\u0131k %22-25 dalgalanma)<\/td>\nOrta (y\u0131ll\u0131k %12-16 dalgalanma)<\/td>\nD\u00fc\u015f\u00fck-orta (y\u0131ll\u0131k %5-8 dalgalanma)<\/td>\n<\/tr>\n
                    B\u00fcy\u00fcme Potansiyeli<\/td>\nY\u00fcksek (s\u0131n\u0131rs\u0131z)<\/td>\nD\u00fc\u015f\u00fckten ortaya (y\u0131ll\u0131k %5-15)<\/td>\nYok veya \u00e7ok d\u00fc\u015f\u00fck (y\u0131ll\u0131k %0-3)<\/td>\n<\/tr>\n
                    Temett\u00fc B\u00fcy\u00fcme Potansiyeli<\/td>\nEvet (\u015firket performans\u0131na g\u00f6re)<\/td>\nGenellikle hay\u0131r (payla\u015f\u0131m mekanizmas\u0131na sahip kat\u0131l\u0131mc\u0131 imtiyazl\u0131 hisseler hari\u00e7)<\/td>\nHay\u0131r (s\u00f6zle\u015fme ile sabitlenmi\u015f)<\/td>\n<\/tr>\n
                    Vade<\/td>\nS\u00fcresiz (\u015firket feshedilene kadar)<\/td>\nS\u00fcresiz veya vadeli (3-10 y\u0131l)<\/td>\nBelirli vade (1-15 y\u0131l)<\/td>\n<\/tr>\n
                    \u0130flas Durumunda \u00d6ncelik<\/td>\nEn d\u00fc\u015f\u00fck (t\u00fcm di\u011fer alacakl\u0131lardan sonra)<\/td>\nOrta (tahvil sahiplerinden sonra, adi hissedarlardan \u00f6nce)<\/td>\nY\u00fcksek (imtiyazl\u0131 ve adi hissedarlardan \u00f6nce)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                    \n

                    Dragon Capital’de (Vietnam’da 3,5 milyar dolar y\u00f6neten fon) Yat\u0131r\u0131m Direkt\u00f6r\u00fc Bay Nguyen Van Minh, “\u0130mtiyazl\u0131 hisseler, tahviller gibi y\u0131ll\u0131k %7-9 oran\u0131nda istikrarl\u0131 gelir sa\u011flayan ancak piyasa ko\u015fullar\u0131na g\u00f6re y\u0131ll\u0131k %5-15 b\u00fcy\u00fcme potansiyeline sahip hisse senetleri ve tahviller aras\u0131nda ak\u0131ll\u0131 bir finansal ‘hibrit’tir. \u00d6zellikle, tasarruf faiz oranlar\u0131n\u0131n %3,5-5 seviyesinde d\u00fc\u015f\u00fck kald\u0131\u011f\u0131 ancak enflasyonun %3,5-4 oldu\u011fu 2023-2024 d\u00f6neminde, imtiyazl\u0131 hisseler yat\u0131r\u0131mc\u0131lara hem sermayeyi enflasyondan koruma hem de \u00fcst\u00fcn gelir elde etme konusunda etkili bir ara\u00e7 haline geliyor.” dedi.<\/p>\n<\/div>\n

                    \n

                    Vietnam’da 5 T\u00fcr \u0130mtiyazl\u0131 Hisse ve Her T\u00fcr\u00fcn \u00d6zel \u00d6zellikleri<\/h2>\n<\/div>\n
                    \n

                    Etkili bir \u015fekilde yat\u0131r\u0131m yapmak i\u00e7in, yat\u0131r\u0131mc\u0131lar\u0131n Vietnam pazar\u0131nda mevcut olan her t\u00fcr imtiyazl\u0131 hisseyi ve bunlar\u0131n \u00f6zelliklerini ve benzersiz avantajlar\u0131n\u0131 anlamalar\u0131 gerekir. Her t\u00fcr imtiyazl\u0131 hisse, farkl\u0131 yat\u0131r\u0131m hedeflerine uygundur ve yat\u0131r\u0131m portf\u00f6y\u00fcnde belirli f\u0131rsatlar sunar.<\/p>\n<\/div>\n

                    \n

                    Vietnam’da \u0130mtiyazl\u0131 Hisselerin S\u0131n\u0131fland\u0131r\u0131lmas\u0131 ve \u00d6zel \u00d6rnekler<\/h3>\n<\/div>\n
                    \n
                    \n\n\n\n\n\n\n\n\n\n
                    \u0130mtiyazl\u0131 Hisse T\u00fcr\u00fc<\/th>\nDetayl\u0131 \u00d6zellikler<\/th>\nVietnam’da \u00d6zel \u00d6rnekler<\/th>\nYat\u0131r\u0131mc\u0131lar \u0130\u00e7in Uygun<\/th>\n<\/tr>\n<\/thead>\n
                    Temett\u00fc \u0130mtiyazl\u0131 Hisseler<\/td>\n– Sabit temett\u00fc oran\u0131 y\u0131ll\u0131k %7-9- Adi hissedarlardan \u00f6nce \u00f6denir- Temett\u00fcler periyodik olarak \u00f6denir (genellikle \u00fc\u00e7 ayda bir)- Fiyat daha az dalgal\u0131, genellikle y\u0131ll\u0131k \u00b1%5-8 dalgalan\u0131r<\/td>\n– VIC.P (Vingroup): y\u0131ll\u0131k %8,2, \u00fc\u00e7 ayda bir temett\u00fc- MSN.P (Masan Group): y\u0131ll\u0131k %8,5, y\u0131lda iki kez \u00f6denir- REE.P (REE Corp): y\u0131ll\u0131k %8,0, y\u0131ll\u0131k \u00f6deme<\/td>\n– 50+ ya\u015f\u0131ndaki yat\u0131r\u0131mc\u0131lar- \u0130stikrarl\u0131 geliri \u00f6nceliklendirir- Y\u00fcksek risk istemez- D\u00fczenli nakit ak\u0131\u015f\u0131na ihtiya\u00e7 duyar<\/td>\n<\/tr>\n
                    D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir \u0130mtiyazl\u0131 Hisseler<\/td>\n– Belirlenen oranla adi hisseye d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir- Daha d\u00fc\u015f\u00fck temett\u00fc oran\u0131 (y\u0131ll\u0131k %6-7)- D\u00f6n\u00fc\u015f\u00fcm tarihi sabit veya yat\u0131r\u0131mc\u0131n\u0131n karar\u0131yla- D\u00f6n\u00fc\u015f\u00fcm oran\u0131 genellikle 1:1’den 1:1,5’e<\/td>\n– VPB.PC (VPBank): y\u0131ll\u0131k %6,8, 3 y\u0131l sonra 1:1,2 d\u00f6n\u00fc\u015f\u00fcm oran\u0131- TCB.PC (Techcombank): y\u0131ll\u0131k %6,5, 5 y\u0131l sonra 1:1,3 oran\u0131- FPT.PC (FPT Corp): y\u0131ll\u0131k %6,5, 2 y\u0131l sonra 1:1,15 oran\u0131, d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir<\/td>\n– 35-50 ya\u015f\u0131ndaki yat\u0131r\u0131mc\u0131lar- Gelir ve b\u00fcy\u00fcmeyi dengelemek- Orta risk i\u015ftah\u0131- \u015eirketin uzun vadeli potansiyeline inanmak<\/td>\n<\/tr>\n
                    \u00c7a\u011fr\u0131labilir \u0130mtiyazl\u0131 Hisseler<\/td>\n– \u015eirketin belirli bir s\u00fcre sonra belirlenen fiyattan geri sat\u0131n alma hakk\u0131 vard\u0131r- Geri sat\u0131n alma fiyat\u0131 genellikle ihra\u00e7 fiyat\u0131ndan %10-25 daha y\u00fcksektir- \u00c7a\u011fr\u0131 riski i\u00e7in daha y\u00fcksek temett\u00fc oran\u0131 (y\u0131ll\u0131k %8-9,5)- \u00c7a\u011fr\u0131 s\u00fcresi genellikle ihra\u00e7tan 3-7 y\u0131l sonra<\/td>\n– VNM.P (Vinamilk): y\u0131ll\u0131k %8,5, 5 y\u0131l sonra nominal de\u011ferin %120’sinde \u00e7a\u011fr\u0131labilir- MBB.P (MBBank): y\u0131ll\u0131k %8,7, 3 y\u0131l sonra nominal de\u011ferin %115’inde \u00e7a\u011fr\u0131labilir- HPG.P (Hoa Phat): y\u0131ll\u0131k %9,2, 4 y\u0131l sonra nominal de\u011ferin %125’inde \u00e7a\u011fr\u0131labilir<\/td>\n– Esnek yat\u0131r\u0131mc\u0131lar- Erken \u00e7a\u011fr\u0131 riskini kabul eder- Daha y\u00fcksek temett\u00fcleri \u00f6nceliklendirir- 3-5 y\u0131ll\u0131k finansal plana sahip<\/td>\n<\/tr>\n
                    Kat\u0131l\u0131mc\u0131 \u0130mtiyazl\u0131 Hisseler<\/td>\n– Temel sabit temett\u00fc (y\u0131ll\u0131k %7-8)- \u015eirket kar hedeflerini a\u015ft\u0131\u011f\u0131nda ek temett\u00fc- Bonus temett\u00fc genellikle fazla k\u0131sm\u0131n %10-30’una e\u015fittir- Genellikle \u00f6zelle\u015ftirilmi\u015f devlet i\u015fletmelerinde uygulan\u0131r<\/td>\n– HVN.PP (Vietnam Airlines): y\u0131ll\u0131k %7,2 + plan\u0131 a\u015fan net kar\u0131n %15’i- POW.PP (PV Power): y\u0131ll\u0131k %7,5 + fazla k\u0131sm\u0131n %20’si- GEX.PP (Gelex Group): y\u0131ll\u0131k %7,8 + ROE %18’i a\u015ft\u0131\u011f\u0131nda fazla k\u0131sm\u0131n %25’i<\/td>\n– “Her iki d\u00fcnyay\u0131” isteyen yat\u0131r\u0131mc\u0131lar- \u0130stikrarl\u0131 temett\u00fc ve gelir b\u00fcy\u00fcme f\u0131rsat\u0131 isteyen- \u015eirketin b\u00fcy\u00fcme potansiyeline inanan- Orta-y\u00fcksek risk i\u015ftah\u0131<\/td>\n<\/tr>\n
                    Birikimli \u0130mtiyazl\u0131 Hisseler<\/td>\n– \u00d6denmemi\u015f temett\u00fcler birikir- Birikmi\u015f temett\u00fcler adi hissedarlara \u00f6deme yap\u0131lmadan \u00f6nce \u00f6denmelidir- D\u00fczensiz nakit ak\u0131\u015f\u0131na sahip \u015firketler i\u00e7in uygundur- Zor d\u00f6nemlerde yat\u0131r\u0131mc\u0131lar\u0131 korur<\/td>\n– BID.P (BIDV): y\u0131ll\u0131k %7,5, tam \u00f6denmezse birikir- PVD.P (PV Drilling): y\u0131ll\u0131k %8,0, zaman s\u0131n\u0131r\u0131 olmadan birikir- DXG.P (Dat Xanh): y\u0131ll\u0131k %8,2, birikir ve 3 y\u0131l i\u00e7inde \u00f6denmelidir<\/td>\n– Uzun vadeli yat\u0131r\u0131mc\u0131lar- Mutlak g\u00fcvenli\u011fi \u00f6nceliklendirir- Gecikmi\u015f temett\u00fcleri kabul eder- D\u00f6ng\u00fcsel end\u00fcstrilere yat\u0131r\u0131m yapar<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                    \n

                    Vietnam’\u0131n imtiyazl\u0131 hisse senedi piyasas\u0131, ihra\u00e7 eden i\u015fletmelerin ve yat\u0131r\u0131mc\u0131lar\u0131n \u00f6zel ihtiya\u00e7lar\u0131n\u0131 kar\u015f\u0131lamak \u00fczere tasarlanm\u0131\u015f bir\u00e7ok varyantla giderek daha \u00e7e\u015fitli hale geliyor. Ho Chi Minh City Borsa (HOSE) istatistiklerine g\u00f6re, temett\u00fc imtiyazl\u0131 hisseleri ve d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir imtiyazl\u0131 hisseler, toplam imtiyazl\u0131 hisse senedi de\u011ferinin \u015fu anda %78,5’ini olu\u015fturuyor (49.750 milyar VND’nin 38.000 milyar VND’si).<\/p>\n<\/div>\n

                    \n

                    2020’den \u0130tibaren Vietnam’da \u0130mtiyazl\u0131 Hisseler \u0130\u00e7in Yeni Hukuki \u00c7er\u00e7eve<\/h3>\n<\/div>\n
                    \n

                    Vietnam’da imtiyazl\u0131 hisseler i\u00e7in hukuki \u00e7er\u00e7eve esas olarak 2020 \u0130\u015fletme Kanunu (1 Ocak 2021’den itibaren y\u00fcr\u00fcrl\u00fckte) ve menkul k\u0131ymetleri y\u00f6nlendiren 155\/2020\/ND-CP Kararnamesi ile d\u00fczenlenmi\u015ftir. Bu yeni d\u00fczenlemeler, imtiyazl\u0131 hisse senedi piyasas\u0131n\u0131n geli\u015fmesi i\u00e7in daha elveri\u015fli ko\u015fullar yaratm\u0131\u015ft\u0131r.<\/p>\n<\/div>\n

                    \n
                      \n
                    • Geni\u015fletilmi\u015f \u0130hra\u00e7 S\u0131n\u0131r\u0131: Anonim \u015firketler, toplam de\u011feri sermaye tavan\u0131n\u0131n %50’sine kadar (\u00f6nceden %35’ten art\u0131r\u0131lm\u0131\u015f) imtiyazl\u0131 hisse senedi ihra\u00e7 edebilir, daha geni\u015f bir fon toplama alan\u0131 yarat\u0131r.<\/li>\n
                    • Esnek Oy Haklar\u0131: \u0130mtiyazl\u0131 hissedarlar, imtiyazl\u0131 hisse senedi \u015fartlar\u0131n\u0131n de\u011fi\u015ftirilmesi, kurumsal yeniden yap\u0131land\u0131rma, ayn\u0131 s\u0131n\u0131ftan ek imtiyazl\u0131 hisse senedi ihra\u00e7 edilmesi gibi do\u011frudan \u00e7\u0131karlar\u0131n\u0131 etkileyen konularda s\u0131n\u0131rl\u0131 oy haklar\u0131na sahip olabilirler.<\/li>\n
                    • Daha Esnek Transfer: \u015eirket t\u00fcz\u00fc\u011f\u00fc, imtiyazl\u0131 hisse senetlerinin devri i\u00e7in \u00f6zel ko\u015fullar\u0131 d\u00fczenleyebilir, ancak \u00f6deme tamamland\u0131ktan sonra 120 g\u00fcnden fazla k\u0131s\u0131tlama getiremez (\u00f6nceden 180 g\u00fcnden azalt\u0131lm\u0131\u015ft\u0131r).<\/li>\n
                    • D\u00f6n\u00fc\u015f\u00fcm \u00dczerine \u00d6zel D\u00fczenlemeler: Ko\u015fullar, oran ve d\u00f6n\u00fc\u015f\u00fcm zaman\u0131 ihra\u00e7tan itibaren a\u00e7\u0131k\u00e7a tan\u0131mlanmal\u0131d\u0131r, bu da yat\u0131r\u0131mc\u0131 haklar\u0131n\u0131n \u015feffafl\u0131\u011f\u0131n\u0131 art\u0131rmaya yard\u0131mc\u0131 olur.<\/li>\n
                    • \u00c7a\u011fr\u0131 Haklar\u0131 S\u0131k\u0131 D\u00fczenlenmi\u015ftir: \u015eirketler, kararla\u015ft\u0131r\u0131lan ko\u015fullara g\u00f6re imtiyazl\u0131 hisse senetlerini geri sat\u0131n alma hakk\u0131na sahiptir, ancak tam ve zaman\u0131nda \u00f6deme sa\u011flamal\u0131, vade tarihinden itibaren 90 g\u00fcnden fazla geciktiremez.<\/li>\n<\/ul>\n<\/div>\n
                      \n

                      SSI Securities Hukuk Departman\u0131 Ba\u015fkan Yard\u0131mc\u0131s\u0131 Bay Tran Hai An’a g\u00f6re, “2020 \u0130\u015fletme Kanunu, imtiyazl\u0131 hisse senetleri i\u00e7in yasal alan\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde geni\u015fletti, i\u015fletmelerin sermaye toplama ihtiya\u00e7lar\u0131na ve sekt\u00f6r \u00f6zelliklerine daha uygun finansal \u00fcr\u00fcnler tasarlamalar\u0131na olanak tan\u0131d\u0131. Bu, Vietnam pazar\u0131n\u0131 uluslararas\u0131 standartlara daha da yakla\u015ft\u0131ran \u00f6nemli bir ad\u0131md\u0131r. Ancak, geli\u015fmi\u015f piyasalara k\u0131yasla, Vietnam hala baz\u0131 d\u00fczenlemeleri gev\u015fetmeli, \u00f6zellikle imtiyazl\u0131 hisse senetlerinin ikincil piyasada daha kolay listelenmesi ve ticaretinin kolayla\u015ft\u0131r\u0131lmas\u0131 konusunda.”<\/p>\n<\/div>\n

                      \n

                      \u0130mtiyazl\u0131 Hisselerin Di\u011fer Yat\u0131r\u0131m Kanallar\u0131 ile Avantaj ve Dezavantajlar\u0131n\u0131n Kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131<\/h2>\n<\/div>\n
                      \n

                      \u0130mtiyazl\u0131 hisselerin ki\u015fisel finansal hedefler i\u00e7in uygun bir yat\u0131r\u0131m kanal\u0131 olup olmad\u0131\u011f\u0131na karar vermek i\u00e7in, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar bu arac\u0131n alternatif yat\u0131r\u0131m kanallar\u0131 ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda avantaj ve dezavantajlar\u0131n\u0131 dikkatlice analiz etmelidir. A\u015fa\u011f\u0131da, 2023’\u00fcn 3. \u00e7eyre\u011fine kadar g\u00fcncellenmi\u015f piyasa verilerine dayal\u0131 ayr\u0131nt\u0131l\u0131 bir analiz bulunmaktad\u0131r:<\/p>\n<\/div>\n

                      \n
                      \n\n\n\n\n\n\n\n\n\n\n
                      Avantajlar<\/th>\n\u00d6zel Detaylar<\/th>\nDezavantajlar<\/th>\nKar\u015f\u0131 \u00d6nlemler<\/th>\n<\/tr>\n<\/thead>\n
                      Tasarruflardan Daha Y\u00fcksek \u0130stikrarl\u0131 Gelir:<\/b> Sabit temett\u00fcler y\u0131ll\u0131k %7-9, mevcut tasarruf faiz oranlar\u0131ndan (%3,5-5) \u00fcst\u00fcn<\/td>\nVIC.P: y\u0131ll\u0131k %8,2, \u00fc\u00e7 ayda bir \u00f6denirBID.P: y\u0131ll\u0131k %7,5, y\u0131lda iki kez \u00f6denirMSN.P: y\u0131ll\u0131k %8,5, periyodik olarak \u00f6denir<\/td>\nS\u0131n\u0131rl\u0131 Fiyat Art\u0131\u015f Potansiyeli:<\/b> \u015eirket b\u00fcy\u00fck \u00f6l\u00e7\u00fcde b\u00fcy\u00fcd\u00fc\u011f\u00fcnde fazla fayda sa\u011flamaz (genellikle sadece y\u0131ll\u0131k %5-15)<\/td>\nHer iki \u015firketin de %70 imtiyazl\u0131 hisse ve %30 adi hisse ile birle\u015ftirin<\/td>\n<\/tr>\n
                      \u00d6deme \u00d6nceli\u011fi:<\/b> Adi hissedarlardan \u00f6nce temett\u00fc al\u0131r ve tasfiye \u00f6ncesi \u00f6deme al\u0131r<\/td>\n\u0130flas durumunda \u00f6deme s\u0131ras\u0131:1. Teminatl\u0131 alacakl\u0131lar2. Teminats\u0131z tahvil sahipleri3. \u0130mtiyazl\u0131 hissedarlar4. Adi hissedarlar<\/td>\nOy Hakk\u0131 Yok:<\/b> \u015eirket kararlar\u0131 \u00fczerinde az etki, y\u00f6netime kat\u0131lamaz<\/td>\n\u0130yi y\u00f6netim, \u015feffafl\u0131k olan veya s\u0131n\u0131rl\u0131 oy hakk\u0131 olan \u015firketlerden imtiyazl\u0131 hisse se\u00e7in<\/td>\n<\/tr>\n
                      Daha Az Fiyat Dalgalanmas\u0131:<\/b> \u0130mtiyazl\u0131 hisse fiyatlar\u0131 adi hisselere g\u00f6re %40-60 daha istikrarl\u0131<\/td>\n2022’deki ortalama fiyat dalgalanmas\u0131:- Adi hisseler: %24,8- \u0130mtiyazl\u0131 hisseler: %13,2- VN-Index: %22,5<\/td>\nFaiz Oran\u0131 Riski:<\/b> Piyasa faiz oranlar\u0131 %1 artt\u0131\u011f\u0131nda fiyat %5-10 d\u00fc\u015febilir (tahviller gibi)<\/td>\nVade\/d\u00f6n\u00fc\u015f\u00fcm zamanlar\u0131n\u0131 \u00e7e\u015fitlendirin, “\u0130mtiyazl\u0131 Merdiven” stratejisini uygulay\u0131n<\/td>\n<\/tr>\n
                      Genel Riski Azaltma:<\/b> Portf\u00f6y dalgalanmas\u0131n\u0131 %23 azalt\u0131r, %15-25 imtiyazl\u0131 hisse tahsis edildi\u011finde<\/td>\n2020-2022 d\u00f6neminde %20 imtiyazl\u0131 hisse tahsis eden portf\u00f6y, %100 adi hisse portf\u00f6y\u00fcne g\u00f6re %32 daha az azald\u0131<\/td>\nOlumsuz \u00c7a\u011fr\u0131 Riski:<\/b> \u015eirket, faiz oranlar\u0131 d\u00fc\u015ft\u00fc\u011f\u00fcnde geri \u00e7a\u011f\u0131rabilir, yat\u0131r\u0131mc\u0131lar\u0131n y\u00fcksek temett\u00fc f\u0131rsatlar\u0131n\u0131 kaybetmesine neden olabilir<\/td>\n\u00c7a\u011fr\u0131 \u015fartlar\u0131n\u0131 dikkatlice okuyun, y\u00fcksek \u00e7a\u011fr\u0131 fiyat\u0131 olan t\u00fcrleri (%120-130 nominal de\u011fer) veya \u00e7a\u011fr\u0131 h\u00fckm\u00fc olmayan t\u00fcrleri se\u00e7in<\/td>\n<\/tr>\n
                      Piyasa D\u00fc\u015f\u00fc\u015flerinde Koruma:<\/b> D\u00fc\u015fen piyasalarda adi hisselere g\u00f6re %50-60 daha az d\u00fc\u015fer<\/td>\n2020’nin 1. \u00e7eyre\u011finde (Covid-19):- VN-Index: -%31,5- Adi hisseler: -%27,5- \u0130mtiyazl\u0131 hisseler: -%12,3<\/td>\nD\u00fc\u015f\u00fck Likidite:<\/b> Ortalama i\u015flem hacmi adi hisselerin sadece %15-20’si, h\u0131zl\u0131 al\u0131m\/sat\u0131m zor<\/td>\nG\u00fcnl\u00fck i\u015flem hacmi >50.000 hisse olan imtiyazl\u0131 hisse se\u00e7in, %1-2 al\u0131m-sat\u0131m fark\u0131n\u0131 kabul edin, uzun vadeli vizyonla yat\u0131r\u0131m yap\u0131n<\/td>\n<\/tr>\n
                      Vergi Tasarrufu:<\/b> \u0130mtiyazl\u0131 hisse temett\u00fcleri sadece %5 vergilendirilir (tasarruf faizi i\u00e7in %5 ve tahvil faizi i\u00e7in %5-10 ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda)<\/td>\nDi\u011fer baz\u0131 yat\u0131r\u0131m kanallar\u0131na k\u0131yasla her y\u0131l %5’e kadar vergi tasarrufu<\/td>\nTemett\u00fc Ask\u0131ya Alma Riski:<\/b> \u015eirket zor d\u00f6nemlerde temett\u00fc \u00f6demelerini erteleyebilir<\/td>\nBirikimli imtiyazl\u0131 hisseleri ve kar\u0131n <%70’ini temett\u00fc olarak da\u011f\u0131tan, >3 y\u0131ll\u0131k istikrarl\u0131 temett\u00fc \u00f6deme ge\u00e7mi\u015fi olan i\u015fletmelerden \u00f6ncelik verin<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                      \n

                      \u0130mtiyazl\u0131 hisseler, istikrarl\u0131 gelir ile orta d\u00fczeyde sermaye b\u00fcy\u00fcme potansiyeli aras\u0131nda denge arayan yat\u0131r\u0131mc\u0131lar i\u00e7in ideal yat\u0131r\u0131m ara\u00e7lar\u0131d\u0131r. Pocket Option taraf\u0131ndan 2020-2023 y\u0131llar\u0131 aras\u0131nda 12.500 Vietnaml\u0131 yat\u0131r\u0131mc\u0131dan elde edilen verilerle yap\u0131lan \u00f6zel ara\u015ft\u0131rma, %15-25 imtiyazl\u0131 hisse tahsis eden portf\u00f6ylerin, sadece adi hisse senetlerinden olu\u015fan portf\u00f6ylere k\u0131yasla genel dalgalanmay\u0131 %23 azaltt\u0131\u011f\u0131n\u0131, ancak yine de y\u0131ll\u0131k ortalama %9,5-11,2 getiri sa\u011flad\u0131\u011f\u0131n\u0131 – %100 adi hisse portf\u00f6ylerinden sadece %3,8 daha d\u00fc\u015f\u00fck, ancak \u00f6nemli \u00f6l\u00e7\u00fcde daha d\u00fc\u015f\u00fck riskle – g\u00f6stermektedir.<\/p>\n<\/div>\n

                      \n

                      MBS Securities’de 18 y\u0131ll\u0131k deneyime sahip Yat\u0131r\u0131m Analizi Ba\u015fkan\u0131 Bayan Tran Thi Minh Hang, “Vietnam borsa piyasas\u0131n\u0131n \u015fu anki gibi g\u00fc\u00e7l\u00fc dalgalanmalar ya\u015fad\u0131\u011f\u0131 bir ba\u011flamda, imtiyazl\u0131 hisseler yat\u0131r\u0131m portf\u00f6yleri i\u00e7in ‘\u015fok emici’ rol\u00fc oynar. 2018-2023 verilerinin analizi, VN-Index’in g\u00fc\u00e7l\u00fc bir \u015fekilde artt\u0131\u011f\u0131 d\u00f6nemlerde (2021 gibi), imtiyazl\u0131 hisselerin adi hisselere g\u00f6re %40-50 daha yava\u015f artt\u0131\u011f\u0131n\u0131, ancak derin d\u00fc\u015f\u00fc\u015f d\u00f6nemlerinde (2020’nin 1. \u00e7eyre\u011fi veya 2022’nin 2. \u00e7eyre\u011fi gibi), imtiyazl\u0131 hisselerin genel piyasaya g\u00f6re sadece 1\/3 ila 1\/2 oran\u0131nda azald\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu, y\u00fcksek dalgal\u0131 bir yat\u0131r\u0131m ortam\u0131nda varl\u0131klar\u0131 korumak i\u00e7in gerekli bir ara\u00e7t\u0131r.” diyor.<\/p>\n<\/div>\n

                      \n

                      \u0130mtiyazl\u0131 Hisselerin Di\u011fer Yat\u0131r\u0131m Kanallar\u0131 ile Yat\u0131r\u0131m Performans\u0131n\u0131n Kar\u015f\u0131la\u015ft\u0131r\u0131lmas\u0131<\/h2>\n<\/div>\n
                      \n

                      \u0130mtiyazl\u0131 hisselerin yat\u0131r\u0131m verimlili\u011fine objektif bir bak\u0131\u015f a\u00e7\u0131s\u0131 kazanmak i\u00e7in, Vietnam pazar\u0131ndaki 5 temsilci imtiyazl\u0131 hissenin 5 y\u0131ll\u0131k performans\u0131n\u0131 (2018-2023) analiz edelim ve alternatif yat\u0131r\u0131m kanallar\u0131 ile kar\u015f\u0131la\u015ft\u0131ral\u0131m.<\/p>\n<\/div>\n

                      \n
                      \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
                      Hisse Kodu<\/th>\nT\u00fcr<\/th>\nMevcut Temett\u00fc<\/th>\n5 Y\u0131ll\u0131k Toplam Getiri<\/th>\nFiyat Dalgalanmas\u0131 (Standart Sapma)<\/th>\nSharpe Oran\u0131*<\/th>\nOrtalama Likidite (Hisse\/g\u00fcn)<\/th>\n<\/tr>\n<\/thead>\n
                      VIC.P<\/td>\nTemett\u00fc \u0130mtiyazl\u0131<\/td>\ny\u0131ll\u0131k %8,2<\/td>\n+%48,5 (y\u0131ll\u0131k +%8,2)<\/td>\n%12,3<\/td>\n0,61<\/td>\n52.300<\/td>\n<\/tr>\n
                      BID.P<\/td>\nBirikimli \u0130mtiyazl\u0131<\/td>\ny\u0131ll\u0131k %7,5<\/td>\n+%42,8 (y\u0131ll\u0131k +%7,4)<\/td>\n%10,5<\/td>\n0,63<\/td>\n78.650<\/td>\n<\/tr>\n
                      VPB.PC<\/td>\nD\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir \u0130mtiyazl\u0131<\/td>\ny\u0131ll\u0131k %6,8<\/td>\n+%58,2 (y\u0131ll\u0131k +%9,6)<\/td>\n%15,2<\/td>\n0,58<\/td>\n65.420<\/td>\n<\/tr>\n
                      MSN.P<\/td>\n\u00c7a\u011fr\u0131labilir \u0130mtiyazl\u0131<\/td>\ny\u0131ll\u0131k %8,5<\/td>\n+%45,3 (y\u0131ll\u0131k +%7,8)<\/td>\n%13,8<\/td>\n0,52<\/td>\n48.750<\/td>\n<\/tr>\n
                      POW.PP<\/td>\nKat\u0131l\u0131mc\u0131 \u0130mtiyazl\u0131<\/td>\n%7,2 + bonus<\/td>\n+%53,6 (y\u0131ll\u0131k +%9,0)<\/td>\n%16,7<\/td>\n0,50<\/td>\n32.180<\/td>\n<\/tr>\n
                      Di\u011fer Yat\u0131r\u0131m Kanallar\u0131 ile Kar\u015f\u0131la\u015ft\u0131rma (Ayn\u0131 5 Y\u0131ll\u0131k D\u00f6nem: 2018-2023)<\/b><\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
                      VN-Index<\/td>\nEndeks<\/td>\nN\/A<\/td>\n+%64,7 (y\u0131ll\u0131k +%10,5)<\/td>\n%24,5<\/td>\n0,41<\/td>\n\u00c7ok y\u00fcksek<\/td>\n<\/tr>\n
                      VIC (adi hisse)<\/td>\nHisse<\/td>\ny\u0131ll\u0131k %0-2<\/td>\n+%38,2 (y\u0131ll\u0131k +%6,7)<\/td>\n%26,8<\/td>\n0,23<\/td>\n2.350.000<\/td>\n<\/tr>\n
                      Devlet Tahvilleri<\/td>\n10 y\u0131l<\/td>\ny\u0131ll\u0131k %4,5<\/td>\n+%26,2 (y\u0131ll\u0131k +%4,8)<\/td>\n%5,3<\/td>\n0,76<\/td>\nY\u00fcksek<\/td>\n<\/tr>\n
                      Banka Mevduatlar\u0131<\/td>\n12 ay<\/td>\ny\u0131ll\u0131k %5,0<\/td>\n+%28,3 (y\u0131ll\u0131k +%5,1)<\/td>\n%1,2<\/td>\n3,35<\/td>\n\u00c7ok y\u00fcksek<\/td>\n<\/tr>\n
                      SJC Alt\u0131n<\/td>\nEmtia<\/td>\nN\/A<\/td>\n+%72,5 (y\u0131ll\u0131k +%11,5)<\/td>\n%18,2<\/td>\n0,60<\/td>\nOrta<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                      \n

                      *Sharpe Oran\u0131: A\u015f\u0131r\u0131 getirinin risk oran\u0131 (daha y\u00fcksek daha iyidir)<\/p>\n<\/div>\n

                      \n

                      Yukar\u0131daki performans analizi a\u015fa\u011f\u0131daki dikkat \u00e7ekici noktalar\u0131 g\u00f6stermektedir:<\/p>\n<\/div>\n

                      \n
                        \n
                      • Dengeli Performans: \u0130mtiyazl\u0131 hisseler, 5 y\u0131ll\u0131k toplam getirilerde %42,8 ile %58,2 aras\u0131nda (y\u0131ll\u0131k ortalama %7,4-9,6) getiri sa\u011flad\u0131, banka mevduatlar\u0131ndan (%28,3) ve devlet tahvillerinden (%26,2) \u00f6nemli \u00f6l\u00e7\u00fcde daha y\u00fcksek, ancak VN-Index (%64,7) ve SJC alt\u0131n (%72,5) ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda biraz daha d\u00fc\u015f\u00fck.<\/li>\n
                      • Daha D\u00fc\u015f\u00fck Dalgalanma: \u0130mtiyazl\u0131 hisselerin standart sapmas\u0131 (%10,5-16,7), adi hisselere (%24,5-26,8) g\u00f6re \u00e7ok daha d\u00fc\u015f\u00fckt\u00fcr, bu da daha istikrarl\u0131 bir yat\u0131r\u0131m portf\u00f6y\u00fc olu\u015fturur.<\/li>\n
                      • \u00dcst\u00fcn Sharpe Oran\u0131: \u0130mtiyazl\u0131 hisseler, adi hisselere (%0,23-0,41) g\u00f6re \u00f6nemli \u00f6l\u00e7\u00fcde daha iyi Sharpe oranlar\u0131na (%0,50-0,63) sahiptir, bu da birim ba\u015f\u0131na daha y\u00fcksek yat\u0131r\u0131m verimlili\u011fi g\u00f6sterir. Sadece banka mevduatlar\u0131 daha y\u00fcksek bir Sharpe Oran\u0131na sahiptir (%3,35), ancak daha d\u00fc\u015f\u00fck mutlak getirilerle.<\/li>\n
                      • Savunma Etkinli\u011fi: Keskin piyasa d\u00fc\u015f\u00fc\u015fleri s\u0131ras\u0131nda (\u00f6rne\u011fin, Covid-19’un patlak verdi\u011fi 2020’nin 1. \u00e7eyre\u011fi gibi), imtiyazl\u0131 hisseler VN-Index’teki %31,5’lik d\u00fc\u015f\u00fc\u015fe k\u0131yasla ortalama %12,3 azald\u0131, \u00fcst\u00fcn savunma \u00f6zellikleri g\u00f6sterdi.<\/li>\n
                      • S\u0131n\u0131rl\u0131 Likidite: Ortalama i\u015flem hacimleri 32.000-78.000 hisse\/g\u00fcn olan imtiyazl\u0131 hisseler, adi hisselere (genellikle >1 milyon hisse\/g\u00fcn) g\u00f6re \u00e7ok daha d\u00fc\u015f\u00fck likiditeye sahiptir. Bu, bu arac\u0131n en b\u00fcy\u00fck zay\u0131fl\u0131\u011f\u0131d\u0131r ve yat\u0131r\u0131mc\u0131lar\u0131n orta-uzun vadeli bir vizyona sahip olmalar\u0131n\u0131 gerektirir.<\/li>\n<\/ul>\n<\/div>\n
                        \n

                        Pocket Option uzmanlar\u0131n\u0131n analizine g\u00f6re, imtiyazl\u0131 hisseler ekonomik istikrars\u0131zl\u0131k d\u00f6nemlerinde veya yatay piyasalarda \u00f6zellikle iyi performans g\u00f6sterir. VN-Index’in %20,2 d\u00fc\u015ft\u00fc\u011f\u00fc 2022’nin 2. \u00e7eyre\u011finde, %50 imtiyazl\u0131 hisse + %50 nakit portf\u00f6y\u00fc sadece %8,5 azald\u0131, yat\u0131r\u0131mc\u0131lar i\u00e7in kay\u0131plar\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde minimize etti.<\/p>\n<\/div>\n

                        \n

                        Vietnaml\u0131 Yat\u0131r\u0131mc\u0131lar \u0130\u00e7in \u0130mtiyazl\u0131 Hisselerle 5 Etkili Yat\u0131r\u0131m Stratejisi<\/h2>\n<\/div>\n
                        \n

                        \u0130mtiyazl\u0131 hisselere yat\u0131r\u0131m yaparken faydalar\u0131 optimize etmek ve riskleri minimize etmek i\u00e7in, Vietnaml\u0131 yat\u0131r\u0131mc\u0131lar bu arac\u0131n \u00f6zelliklerine ve mevcut piyasa ba\u011flam\u0131na uygun olarak tasarlanm\u0131\u015f yat\u0131r\u0131m stratejilerini uygulamal\u0131d\u0131r.<\/p>\n<\/div>\n

                        \n

                        1. \u0130mtiyazl\u0131 Hisseleri Birle\u015ftiren Varl\u0131k Da\u011f\u0131t\u0131m Stratejisi<\/h3>\n<\/div>\n
                        \n

                        Bir yat\u0131r\u0131m portf\u00f6y\u00fcnde imtiyazl\u0131 hisseleri do\u011fru bir \u015fekilde da\u011f\u0131tmak, ki\u015fisel finansal hedeflere ula\u015fmak i\u00e7in \u00f6nemli bir fakt\u00f6rd\u00fcr. 2018-2023 y\u0131llar\u0131 aras\u0131nda 12.500 Vietnaml\u0131 yat\u0131r\u0131mc\u0131n\u0131n veri analizine dayanarak, Pocket Option a\u015fa\u011f\u0131daki 4 \u00f6zel da\u011f\u0131t\u0131m modelini \u00f6nermektedir:<\/p>\n<\/div>\n

                        \n
                        \n\n\n\n\n\n\n\n\n
                        Yat\u0131r\u0131mc\u0131 Modeli<\/th>\nOptimal \u0130mtiyazl\u0131 Hisse Oran\u0131<\/th>\nUygun \u0130mtiyazl\u0131 Hisse T\u00fcrleri<\/th>\nDetayl\u0131 Varl\u0131k Da\u011f\u0131t\u0131m\u0131<\/th>\nBeklenen Performans*<\/th>\n<\/tr>\n<\/thead>\n
                        Sermaye Koruma<\/b>– Ya\u015f: 55+- Hedef: \u0130stikrarl\u0131 gelir- Risk i\u015ftah\u0131: D\u00fc\u015f\u00fck- Yat\u0131r\u0131m s\u00fcresi: 2-5 y\u0131l<\/td>\n%40-50<\/td>\n– Temett\u00fc imtiyazl\u0131 hisseler (%60)- Birikimli imtiyazl\u0131 hisseler (%40)\u00d6zel \u00f6rnekler:- VIC.P, BID.P, MSN.P- Y\u0131ll\u0131k >%8 temett\u00fc \u00f6nceliklendir<\/td>\n– %45 imtiyazl\u0131 hisse- %30 iyi dereceli kurumsal tahvil- %15 mavi \u00e7ip adi hisse (VCB, FPT, VNM)- %10 nakit veya mevduat sertifikalar\u0131<\/td>\ny\u0131ll\u0131k %7-8Dalgalanma: %8-10Sharpe Oran\u0131: 0,70Maksimum d\u00fc\u015f\u00fc\u015f: %12<\/td>\n<\/tr>\n
                        Gelir-B\u00fcy\u00fcme Dengesi<\/b>– Ya\u015f: 40-55- Hedef: Gelir ve b\u00fcy\u00fcme- Risk i\u015ftah\u0131: Orta- Yat\u0131r\u0131m s\u00fcresi: 5-10 y\u0131l<\/td>\n%20-30<\/td>\n– D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir imtiyazl\u0131 hisseler (%50)- Kat\u0131l\u0131mc\u0131 imtiyazl\u0131 hisseler (%50)\u00d6zel \u00f6rnekler:- VPB.PC, TCB.PC, GEX.PP- B\u00fcy\u00fcme potansiyelini \u00f6nceliklendir<\/td>\n– %25 imtiyazl\u0131 hisse- %20 kurumsal tahvil- %45 adi hisse (%30 mavi \u00e7ip, %15 orta \u00f6l\u00e7ekli)- %10 nakit<\/td>\ny\u0131ll\u0131k %9-10Dalgalanma: %14-16Sharpe Oran\u0131: 0,58Maksimum d\u00fc\u015f\u00fc\u015f: %18<\/td>\n<\/tr>\n
                        Aktif B\u00fcy\u00fcme<\/b>– Ya\u015f: 25-40- Hedef: Sermaye b\u00fcy\u00fcmesi- Risk i\u015ftah\u0131: Y\u00fcksek- Yat\u0131r\u0131m s\u00fcresi: 10-20 y\u0131l<\/td>\n%10-15<\/td>\n– D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir imtiyazl\u0131 hisseler (%70)- \u00c7a\u011fr\u0131labilir imtiyazl\u0131 hisseler (%30)\u00d6zel \u00f6rnekler:- FPT.PC, VPB.PC, MBB.P- Y\u00fcksek yukar\u0131 potansiyeli \u00f6nceliklendir<\/td>\n– %15 imtiyazl\u0131 hisse- %10 kurumsal tahvil- %65 adi hisse (%40 mavi \u00e7ip, %25 orta\/k\u00fc\u00e7\u00fck \u00f6l\u00e7ekli)- %10 nakit<\/td>\ny\u0131ll\u0131k %10-12Dalgalanma: %18-20Sharpe Oran\u0131: 0,52Maksimum d\u00fc\u015f\u00fc\u015f: %25<\/td>\n<\/tr>\n
                        D\u00fc\u015fen Piyasalarda Savunma<\/b>– VN-Index zirveden >%15 d\u00fc\u015ft\u00fc\u011f\u00fcnde uygula- Hedef: Sermaye koruma- Risk i\u015ftah\u0131: Dikkatli- S\u00fcre: 6-12 ay<\/td>\n%30-40<\/td>\n– Temett\u00fc imtiyazl\u0131 hisseler (%80)- Birikimli imtiyazl\u0131 hisseler (%20)\u00d6zel \u00f6rnekler:- REE.P, BID.P, VIC.P- Y\u00fcksek likiditeyi \u00f6nceliklendir<\/td>\n– %35 imtiyazl\u0131 hisse- %25 k\u0131sa vadeli tahvil (1-3 y\u0131l)- %20 savunma adi hisse (VNM, REE, NT2)- %20 nakit<\/td>\ny\u0131ll\u0131k %5-7Dalgalanma: %10-12Sharpe Oran\u0131: 0,45Maksimum d\u00fc\u015f\u00fc\u015f: %15<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n
                        \n

                        *2018-2023 d\u00f6nemi i\u00e7in geriye d\u00f6n\u00fck testlere dayal\u0131 beklenen performans, gelecekteki sonu\u00e7lar\u0131 garanti etmez<\/p>\n<\/div>\n

                        \n

                        Vietnam’da hala nadiren uygulanan ancak geli\u015fmi\u015f bir yat\u0131r\u0131m stratejisi olan “\u0130mtiyazl\u0131 Hisse Merdiveni” stratejisi, tahvil merdivenlerine benzer \u015fekilde, yat\u0131r\u0131mc\u0131lar\u0131n farkl\u0131 zamanlarda \u00e7a\u011fr\u0131\/d\u00f6n\u00fc\u015f\u00fcm h\u00fck\u00fcmleri olan imtiyazl\u0131 hisselere sermaye tahsis etmelerini gerektirir, bu da faiz oran\u0131 riskini minimize etmeye ve d\u00fczenli nakit ak\u0131\u015f\u0131 yaratmaya yard\u0131mc\u0131 olur.<\/p>\n<\/div>\n

                        \n

                        1 milyar VND sermaye ile “\u0130mtiyazl\u0131 Hisse Merdiveni” stratejisinin \u00f6zel bir \u00f6rne\u011fi:<\/p>\n<\/div>\n

                        \n
                          \n
                        • 200 milyon VPB.PC’ye: 3 y\u0131l sonra (2024) d\u00f6n\u00fc\u015f\u00fcm h\u00fckm\u00fc<\/li>\n
                        • 200 milyon MBB.P’ye: 4 y\u0131l sonra (2025) \u00e7a\u011fr\u0131 h\u00fckm\u00fc<\/li>\n
                        • 200 milyon VNM.P’ye: 5 y\u0131l sonra (2026) \u00e7a\u011fr\u0131 h\u00fckm\u00fc<\/li>\n
                        • 200 milyon FPT.PC’ye: 6 y\u0131l sonra (2027) d\u00f6n\u00fc\u015f\u00fcm h\u00fckm\u00fc<\/li>\n
                        • 200 milyon VIC.P’ye: \u00c7a\u011fr\u0131 h\u00fckm\u00fc yok (s\u00fcresiz)<\/li>\n<\/ul>\n<\/div>\n
                          \n

                          2. Y\u00fcksek Kaliteli \u0130mtiyazl\u0131 Hisseleri Se\u00e7mek \u0130\u00e7in 5 Ad\u0131ml\u0131 S\u00fcre\u00e7<\/h3>\n<\/div>\n
                          \n

                          T\u00fcm imtiyazl\u0131 hisseler e\u015fit yarat\u0131lmam\u0131\u015ft\u0131r. Y\u00fcksek kaliteli imtiyazl\u0131 hisseleri se\u00e7mek i\u00e7in, yat\u0131r\u0131mc\u0131lar bu 5 ad\u0131ml\u0131 de\u011ferlendirme s\u00fcrecini izlemelidir:<\/p>\n<\/div>\n

                          \n
                            \n
                          • Ad\u0131m 1: \u0130hra\u00e7 Eden \u015eirketin Finansal Sa\u011fl\u0131\u011f\u0131n\u0131 De\u011ferlendirin<\/li>\n
                              \n
                            • ROE’nin >%15 oldu\u011funu ve 3 y\u0131l \u00fcst \u00fcste istikrarl\u0131 oldu\u011funu kontrol edin<\/li>\n
                            • Bor\u00e7\/\u00f6zsermaye oran\u0131 < 1,0 (ideali < 0,7)<\/li>\n
                            • Faiz kar\u015f\u0131lama oran\u0131 (EBIT\/Faiz gideri) > 5,0<\/li>\n
                            • 3 y\u0131l \u00fcst \u00fcste pozitif i\u015fletme nakit ak\u0131\u015f\u0131 (OCF)<\/li>\n
                            • Temett\u00fc \u00f6deme oran\u0131 < kar\u0131n %70’i (s\u00fcrd\u00fcr\u00fclebilirli\u011fi sa\u011flamak i\u00e7in)<\/li>\n<\/ul>\n
                            • Ad\u0131m 2: \u0130mtiyazl\u0131 Hisse \u015eartlar\u0131n\u0131 Detayl\u0131 Analiz Edin<\/li>\n
                                \n
                              • Prospekt\u00fcs veya hissedarlar toplant\u0131s\u0131 karar\u0131nda ihra\u00e7 \u015fartlar\u0131n\u0131 dikkatlice okuyun<\/li>\n
                              • Temett\u00fc, \u00e7a\u011fr\u0131 haklar\u0131, d\u00f6n\u00fc\u015f\u00fcm ko\u015fullar\u0131na \u00f6zel dikkat g\u00f6sterin<\/li>\n
                              • \u0130mtiyazl\u0131 hissedar koruma maddelerini kontrol edin (seyreltme kar\u015f\u0131t\u0131, veto haklar\u0131)<\/li>\n
                              • Temett\u00fc birikim mekanizmas\u0131n\u0131 (varsa) ve \u015firket temett\u00fcleri ask\u0131ya al\u0131rsa s\u00fcreci de\u011ferlendirin<\/li>\n<\/ul>\n
                              • Ad\u0131m 3: Temett\u00fc \u00c7ekicili\u011fini De\u011ferlendirin<\/li>\n
                                  \n
                                • Ayn\u0131 vadeli tahvil faiz oranlar\u0131 ile temett\u00fc getirisini kar\u015f\u0131la\u015ft\u0131r\u0131n (1,5-2,5% daha y\u00fcksek olmal\u0131d\u0131r)<\/li>\n
                                • Mevduat faiz oranlar\u0131 ile fark\u0131 hesaplay\u0131n (3-4% daha y\u00fcksek olmal\u0131d\u0131r)<\/li>\n
                                • De\u011ferleme riskini belirlemek i\u00e7in \u00f6n\u00fcm\u00fczdeki 1-2 y\u0131l i\u00e7in faiz oran\u0131 trendlerini de\u011ferlendirin<\/li>\n<\/ul>\n
                                • Ad\u0131m 4: Kredi Derecelendirmelerini ve Kurumsal De\u011ferlendirmeleri \u0130nceleyin<\/li>\n
                                    \n
                                  • Yerel kurulu\u015flardan kredi derecelendirmelerini kontrol edin (varsa)<\/li>\n
                                  • 2-3 sayg\u0131n menkul k\u0131ymet \u015firketinden analiz raporlar\u0131n\u0131 dan\u0131\u015f\u0131n<\/li>\n
                                  • B\u00fcy\u00fck kurumlar taraf\u0131ndan sahipli\u011fi de\u011ferlendirin (y\u00fcksek kalite genellikle kurumsal sahiplik >%30 olanlarda bulunur)<\/li>\n<\/ul>\n
                                  • Ad\u0131m 5: Likidite ve Ticaret Edilebilirli\u011fi Analiz Edin<\/li>\n
                                      \n
                                    • G\u00fcnl\u00fck ortalama i\u015flem hacmini kontrol edin (ideali >50.000 hisse\/g\u00fcn)<\/li>\n
                                    • Al\u0131\u015f-sat\u0131\u015f fark\u0131n\u0131 de\u011ferlendirin (2%’den az olmal\u0131d\u0131r)<\/li>\n
                                    • Pop\u00fcler ticaret platformlar\u0131nda bulunabilirli\u011fi de\u011ferlendirin<\/li>\n<\/ul>\n<\/ul>\n<\/div>\n
                                      \n

                                      HCMC’de 8,5 milyar VND portf\u00f6y\u00fc olan Ki\u015fisel Yat\u0131r\u0131m Direkt\u00f6r\u00fc Bay Nguyen Quang Thai (37 ya\u015f\u0131nda), “\u0130mtiyazl\u0131 hisselere yat\u0131r\u0131m yapma konusundaki 5 y\u0131ll\u0131k deneyimimden, her zaman \u00f6nce ihra\u00e7 eden \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 de\u011ferlendirmeyi \u00f6nceliklendiririm. Y\u0131ll\u0131k %9-10 temett\u00fc oran\u0131na sahip \u00e7ekici imtiyazl\u0131 hisseler var, ancak dikkatli bir analizden sonra, i\u015fletmenin kar\u0131n %85-90’\u0131na kadar temett\u00fc \u00f6deme oran\u0131na sahip oldu\u011funu ke\u015ffettim – \u00e7ok y\u00fcksek ve s\u00fcrd\u00fcr\u00fclemez. ROE >%18, g\u00fc\u00e7l\u00fc nakit ak\u0131\u015f\u0131, \u00f6deme oran\u0131 <%65 ve en az 4 y\u0131l \u00fcst \u00fcste istikrarl\u0131 \u00f6deme ge\u00e7mi\u015fi olan i\u015fletmelere \u00f6ncelik vermeyi tercih ediyorum.” diyor.<\/p>\n<\/div>\n

                                      \n

                                      Pocket Option, yat\u0131r\u0131mc\u0131lara yukar\u0131daki 5 ad\u0131ml\u0131 s\u00fcreci otomatikle\u015ftirmelerine yard\u0131mc\u0131 olmak i\u00e7in “\u0130mtiyazl\u0131 Hisse Taray\u0131c\u0131” arac\u0131n\u0131 sunar, ki\u015fisel kriterlere uyan imtiyazl\u0131 hisse listesini saniyeler i\u00e7inde filtreler. Bu ara\u00e7, Vietnam’da i\u015flem g\u00f6ren 37 imtiyazl\u0131 hisseyi 26 finansal kriter ve \u015fartlara g\u00f6re analiz etmektedir.<\/p>\n<\/div>\n

                                      \n

                                      3 Ger\u00e7ek Yat\u0131r\u0131m Durumu: Vietnam Pazar\u0131ndan Dersler<\/h2>\n<\/div>\n
                                      \n

                                      Ger\u00e7ek yat\u0131r\u0131m durumlar\u0131ndan \u00f6\u011frenmek, imtiyazl\u0131 hissel<\/p>\n"},"faq":[{"question":"Tercih edilen hisse senetleri nelerdir ve Vietnam'da yayg\u0131n olan t\u00fcrler nelerdir?","answer":"\u0130mtiyazl\u0131 hisse senetleri, hem adi hisse senetleri hem de tahvillerin \u00f6zelliklerini ta\u015f\u0131yan hibrit menkul k\u0131ymetlerdir. \u0130mtiyazl\u0131 hisse senedi sahipleri genellikle oy hakk\u0131na sahip de\u011fildir veya s\u0131n\u0131rl\u0131 oy haklar\u0131na sahiptir, ancak temett\u00fc \u00f6nceli\u011finden (%7-9\/y\u0131l) ve \u015firket tasfiye edildi\u011finde \u00f6deme \u00f6nceli\u011finden yararlan\u0131rlar. Vietnam'da 5 yayg\u0131n t\u00fcr bulunmaktad\u0131r: (1) Temett\u00fc imtiyazl\u0131 hisse senetleri: sabit temett\u00fc oranlar\u0131na sahiptir, \u00f6rne\u011fin, VIC.P (%8.2\/y\u0131l); (2) D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir imtiyazl\u0131 hisse senetleri: \u00f6nceden belirlenmi\u015f bir oranla adi hisse senetlerine d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir, \u00f6rne\u011fin, VPB.PC (oran 1:1.2); (3) Geri al\u0131nabilir imtiyazl\u0131 hisse senetleri: \u015firketin belirli bir s\u00fcre sonra geri alma hakk\u0131 vard\u0131r, \u00f6rne\u011fin, MSN.P; (4) Kat\u0131l\u0131mc\u0131 imtiyazl\u0131 hisse senetleri: \u015firket iyi performans g\u00f6sterdi\u011finde sabit temett\u00fclerin \u00f6tesinde ek faydalar al\u0131r, \u00f6rne\u011fin, POW.PP; (5) Birikimli imtiyazl\u0131 hisse senetleri: \u00f6denmemi\u015f temett\u00fcler birikir, \u00f6rne\u011fin, BID.P."},{"question":"Di\u011fer yat\u0131r\u0131m kanallar\u0131yla kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda imtiyazl\u0131 hisse senetlerinin ba\u015fl\u0131ca avantajlar\u0131 ve dezavantajlar\u0131 nelerdir?","answer":"Ana avantajlar: (1) Tasarruflardan daha y\u00fcksek sabit gelir: %7-9\/y\u0131l temett\u00fcler, %3.5-5 tasarruf faiz oranlar\u0131na k\u0131yasla; (2) \u00d6deme \u00f6nceli\u011fi: adi hissedarlardan \u00f6nce temett\u00fc alma ve tasfiye \u00f6ncesi \u00f6deme alma; (3) Daha d\u00fc\u015f\u00fck fiyat dalgalanmas\u0131: adi hisselere g\u00f6re %40-60 daha az dalgalanma; (4) Azalt\u0131lm\u0131\u015f genel risk: %15-25 tahsis edildi\u011finde portf\u00f6y dalgalanmas\u0131n\u0131 %23 azalt\u0131r; (5) Piyasa d\u00fc\u015f\u00fc\u015flerinde iyi koruma: adi hisselere g\u00f6re %50-60 daha az d\u00fc\u015f\u00fc\u015f. Ana dezavantajlar: (1) S\u0131n\u0131rl\u0131 fiyat art\u0131\u015f\u0131 potansiyeli: sadece %5-15\/y\u0131l art\u0131\u015f; (2) Oy hakk\u0131 yok; (3) Faiz oran\u0131 riski: faiz oranlar\u0131 y\u00fckseldi\u011finde fiyat d\u00fc\u015fer; (4) Faiz oranlar\u0131 d\u00fc\u015ft\u00fc\u011f\u00fcnde geri sat\u0131n al\u0131nma riski; (5) D\u00fc\u015f\u00fck likidite: i\u015flem hacmi adi hisselerin sadece %15-20'si; (6) Zor d\u00f6nemlerde temett\u00fclerin ask\u0131ya al\u0131nma riski."},{"question":"Mevcut piyasada imtiyazl\u0131 hisse senetleri ile en etkili yat\u0131r\u0131m stratejisi nedir?","answer":"Pocket Option'un analizine g\u00f6re, \u015fu anda en etkili strateji \"20-30-50 varl\u0131k tahsisi\"dir: %20 temett\u00fc\/k\u00fcm\u00fclatif imtiyazl\u0131 hisse senetlerine (VIC.P, BID.P), %30 d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir imtiyazl\u0131 hisse senetlerine (VPB.PC, FPT.PC) ve %50 adi hisse senetleri\/bono portf\u00f6y\u00fcne yat\u0131r\u0131l\u0131r. Bu strateji, istikrarl\u0131 gelir (y\u0131lda %7-9) ve b\u00fcy\u00fcme potansiyelini dengelemeye yard\u0131mc\u0131 olurken, portf\u00f6y dalgalanmas\u0131n\u0131 %18-22 oran\u0131nda azalt\u0131r. Mevcut d\u00fc\u015f\u00fck faiz oran\u0131 ortam\u0131nda (%3.5-5), bu strateji, adi hisse senetlerine %100 yat\u0131r\u0131m yapmaktan \u00f6nemli \u00f6l\u00e7\u00fcde daha d\u00fc\u015f\u00fck riskle y\u0131lda %8-10 beklenen getiri sa\u011flar. \u00d6zellikle, piyasa d\u00fczeltme i\u015faretleri g\u00f6sterdi\u011finde (VN-Index zirveden %10'dan fazla d\u00fc\u015ferse), portf\u00f6y\u00fc korumak i\u00e7in imtiyazl\u0131 hisse senedi tahsisi %35-45'e \u00e7\u0131kar\u0131lmal\u0131d\u0131r."},{"question":"Y\u00fcksek kaliteli tercihli hisse senetleri nas\u0131l se\u00e7ilir?","answer":"Y\u00fcksek kaliteli tercihli hisse senetlerini se\u00e7mek i\u00e7in 5 ad\u0131ml\u0131 bir s\u00fcre\u00e7 uygulay\u0131n: (1) \u0130hra\u00e7 eden \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 de\u011ferlendirin: ROE >%15, bor\u00e7\/\u00f6zsermaye oran\u0131 <1.0, faiz kar\u015f\u0131lama oran\u0131 >5.0, art arda 3 y\u0131l pozitif OCF, kar\u0131n <%70'inden az temett\u00fc \u00f6deme oran\u0131 kontrol edin; (2) Tercihli hisse senedi \u015fartlar\u0131n\u0131 detayl\u0131 analiz edin: temett\u00fcler, itfa haklar\u0131, d\u00f6n\u00fc\u015f\u00fcm ve hissedar koruma maddeleri ile ilgili \u015fartlar\u0131 dikkatlice okuyun; (3) Temett\u00fc \u00e7ekicili\u011fini de\u011ferlendirin: tahvil getirileriyle kar\u015f\u0131la\u015ft\u0131r\u0131n (1.5-2.5% daha y\u00fcksek olmal\u0131) ve mevduat oranlar\u0131yla kar\u015f\u0131la\u015ft\u0131r\u0131n (3-4% daha y\u00fcksek olmal\u0131); (4) Kredi notlar\u0131 ve kurumsal de\u011ferlendirmeleri g\u00f6z \u00f6n\u00fcnde bulundurun; (5) Likiditeyi analiz edin: g\u00fcnl\u00fck i\u015flem hacmi >50,000 hisse ve al\u0131\u015f-sat\u0131\u015f fark\u0131 <%2 olan hisselere \u00f6ncelik verin."},{"question":"Vietnam'da imtiyazl\u0131 hisse senedi piyasas\u0131n\u0131n \u00f6n\u00fcm\u00fczdeki y\u0131llardaki geli\u015fim trendleri nelerdir?","answer":"Vietnam'\u0131n tercih edilen hisse senedi piyasas\u0131n\u0131n 5 ana trendle g\u00fc\u00e7l\u00fc bir \u015fekilde b\u00fcy\u00fcmesi bekleniyor: (1) Piyasa b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fcn iki kat\u0131na \u00e7\u0131kmas\u0131: 49.750 milyar VND'den (Q3\/2023) 2025 y\u0131l\u0131na kadar 95-105 bin milyar VND'ye, YBBO %32-35\/y\u0131l; (2) \u00dcr\u00fcn \u00e7e\u015fitlili\u011fi: de\u011fi\u015fken faizli tercihli hisse senetleri, zorunlu d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilirler ve seyrelme kar\u015f\u0131t\u0131 koruma maddelerinin ortaya \u00e7\u0131k\u0131\u015f\u0131; (3) Likiditenin iyile\u015ftirilmesi: HoSE, piyasa yap\u0131c\u0131 mekanizmalar uygulamakta ve listeleme prosed\u00fcrlerini basitle\u015ftirmekte; (4) Kurumsal yat\u0131r\u0131mc\u0131 kat\u0131l\u0131m\u0131: 2025 y\u0131l\u0131na kadar hacmin %60-65'ini elinde tutmas\u0131 bekleniyor; (5) ESG tercihli hisse senetlerinin geli\u015ftirilmesi: \u00e7evresel, sosyal ve y\u00f6neti\u015fim hedeflerine ba\u011fl\u0131. Ana b\u00fcy\u00fcme fakt\u00f6rleri, d\u00fc\u015f\u00fck faiz oran\u0131 ortam\u0131, \u015firketlerin sermaye art\u0131rma ihtiya\u00e7lar\u0131 (\u00f6zellikle bankalar\u0131n \u0130kinci Seviye sermayeyi art\u0131rmas\u0131 i\u00e7in) ve tasarruflardan daha \u00fcst\u00fcn sabit gelir sa\u011flayan yat\u0131r\u0131m ara\u00e7lar\u0131na olan artan talepten gelmektedir."}],"faq_source":{"label":"FAQ","type":"repeater","formatted_value":[{"question":"Tercih edilen hisse senetleri nelerdir ve Vietnam'da yayg\u0131n olan t\u00fcrler nelerdir?","answer":"\u0130mtiyazl\u0131 hisse senetleri, hem adi hisse senetleri hem de tahvillerin \u00f6zelliklerini ta\u015f\u0131yan hibrit menkul k\u0131ymetlerdir. \u0130mtiyazl\u0131 hisse senedi sahipleri genellikle oy hakk\u0131na sahip de\u011fildir veya s\u0131n\u0131rl\u0131 oy haklar\u0131na sahiptir, ancak temett\u00fc \u00f6nceli\u011finden (%7-9\/y\u0131l) ve \u015firket tasfiye edildi\u011finde \u00f6deme \u00f6nceli\u011finden yararlan\u0131rlar. Vietnam'da 5 yayg\u0131n t\u00fcr bulunmaktad\u0131r: (1) Temett\u00fc imtiyazl\u0131 hisse senetleri: sabit temett\u00fc oranlar\u0131na sahiptir, \u00f6rne\u011fin, VIC.P (%8.2\/y\u0131l); (2) D\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir imtiyazl\u0131 hisse senetleri: \u00f6nceden belirlenmi\u015f bir oranla adi hisse senetlerine d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir, \u00f6rne\u011fin, VPB.PC (oran 1:1.2); (3) Geri al\u0131nabilir imtiyazl\u0131 hisse senetleri: \u015firketin belirli bir s\u00fcre sonra geri alma hakk\u0131 vard\u0131r, \u00f6rne\u011fin, MSN.P; (4) Kat\u0131l\u0131mc\u0131 imtiyazl\u0131 hisse senetleri: \u015firket iyi performans g\u00f6sterdi\u011finde sabit temett\u00fclerin \u00f6tesinde ek faydalar al\u0131r, \u00f6rne\u011fin, POW.PP; (5) Birikimli imtiyazl\u0131 hisse senetleri: \u00f6denmemi\u015f temett\u00fcler birikir, \u00f6rne\u011fin, BID.P."},{"question":"Di\u011fer yat\u0131r\u0131m kanallar\u0131yla kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda imtiyazl\u0131 hisse senetlerinin ba\u015fl\u0131ca avantajlar\u0131 ve dezavantajlar\u0131 nelerdir?","answer":"Ana avantajlar: (1) Tasarruflardan daha y\u00fcksek sabit gelir: %7-9\/y\u0131l temett\u00fcler, %3.5-5 tasarruf faiz oranlar\u0131na k\u0131yasla; (2) \u00d6deme \u00f6nceli\u011fi: adi hissedarlardan \u00f6nce temett\u00fc alma ve tasfiye \u00f6ncesi \u00f6deme alma; (3) Daha d\u00fc\u015f\u00fck fiyat dalgalanmas\u0131: adi hisselere g\u00f6re %40-60 daha az dalgalanma; (4) Azalt\u0131lm\u0131\u015f genel risk: %15-25 tahsis edildi\u011finde portf\u00f6y dalgalanmas\u0131n\u0131 %23 azalt\u0131r; (5) Piyasa d\u00fc\u015f\u00fc\u015flerinde iyi koruma: adi hisselere g\u00f6re %50-60 daha az d\u00fc\u015f\u00fc\u015f. Ana dezavantajlar: (1) S\u0131n\u0131rl\u0131 fiyat art\u0131\u015f\u0131 potansiyeli: sadece %5-15\/y\u0131l art\u0131\u015f; (2) Oy hakk\u0131 yok; (3) Faiz oran\u0131 riski: faiz oranlar\u0131 y\u00fckseldi\u011finde fiyat d\u00fc\u015fer; (4) Faiz oranlar\u0131 d\u00fc\u015ft\u00fc\u011f\u00fcnde geri sat\u0131n al\u0131nma riski; (5) D\u00fc\u015f\u00fck likidite: i\u015flem hacmi adi hisselerin sadece %15-20'si; (6) Zor d\u00f6nemlerde temett\u00fclerin ask\u0131ya al\u0131nma riski."},{"question":"Mevcut piyasada imtiyazl\u0131 hisse senetleri ile en etkili yat\u0131r\u0131m stratejisi nedir?","answer":"Pocket Option'un analizine g\u00f6re, \u015fu anda en etkili strateji \"20-30-50 varl\u0131k tahsisi\"dir: %20 temett\u00fc\/k\u00fcm\u00fclatif imtiyazl\u0131 hisse senetlerine (VIC.P, BID.P), %30 d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilir imtiyazl\u0131 hisse senetlerine (VPB.PC, FPT.PC) ve %50 adi hisse senetleri\/bono portf\u00f6y\u00fcne yat\u0131r\u0131l\u0131r. Bu strateji, istikrarl\u0131 gelir (y\u0131lda %7-9) ve b\u00fcy\u00fcme potansiyelini dengelemeye yard\u0131mc\u0131 olurken, portf\u00f6y dalgalanmas\u0131n\u0131 %18-22 oran\u0131nda azalt\u0131r. Mevcut d\u00fc\u015f\u00fck faiz oran\u0131 ortam\u0131nda (%3.5-5), bu strateji, adi hisse senetlerine %100 yat\u0131r\u0131m yapmaktan \u00f6nemli \u00f6l\u00e7\u00fcde daha d\u00fc\u015f\u00fck riskle y\u0131lda %8-10 beklenen getiri sa\u011flar. \u00d6zellikle, piyasa d\u00fczeltme i\u015faretleri g\u00f6sterdi\u011finde (VN-Index zirveden %10'dan fazla d\u00fc\u015ferse), portf\u00f6y\u00fc korumak i\u00e7in imtiyazl\u0131 hisse senedi tahsisi %35-45'e \u00e7\u0131kar\u0131lmal\u0131d\u0131r."},{"question":"Y\u00fcksek kaliteli tercihli hisse senetleri nas\u0131l se\u00e7ilir?","answer":"Y\u00fcksek kaliteli tercihli hisse senetlerini se\u00e7mek i\u00e7in 5 ad\u0131ml\u0131 bir s\u00fcre\u00e7 uygulay\u0131n: (1) \u0130hra\u00e7 eden \u015firketin finansal sa\u011fl\u0131\u011f\u0131n\u0131 de\u011ferlendirin: ROE >%15, bor\u00e7\/\u00f6zsermaye oran\u0131 <1.0, faiz kar\u015f\u0131lama oran\u0131 >5.0, art arda 3 y\u0131l pozitif OCF, kar\u0131n <%70'inden az temett\u00fc \u00f6deme oran\u0131 kontrol edin; (2) Tercihli hisse senedi \u015fartlar\u0131n\u0131 detayl\u0131 analiz edin: temett\u00fcler, itfa haklar\u0131, d\u00f6n\u00fc\u015f\u00fcm ve hissedar koruma maddeleri ile ilgili \u015fartlar\u0131 dikkatlice okuyun; (3) Temett\u00fc \u00e7ekicili\u011fini de\u011ferlendirin: tahvil getirileriyle kar\u015f\u0131la\u015ft\u0131r\u0131n (1.5-2.5% daha y\u00fcksek olmal\u0131) ve mevduat oranlar\u0131yla kar\u015f\u0131la\u015ft\u0131r\u0131n (3-4% daha y\u00fcksek olmal\u0131); (4) Kredi notlar\u0131 ve kurumsal de\u011ferlendirmeleri g\u00f6z \u00f6n\u00fcnde bulundurun; (5) Likiditeyi analiz edin: g\u00fcnl\u00fck i\u015flem hacmi >50,000 hisse ve al\u0131\u015f-sat\u0131\u015f fark\u0131 <%2 olan hisselere \u00f6ncelik verin."},{"question":"Vietnam'da imtiyazl\u0131 hisse senedi piyasas\u0131n\u0131n \u00f6n\u00fcm\u00fczdeki y\u0131llardaki geli\u015fim trendleri nelerdir?","answer":"Vietnam'\u0131n tercih edilen hisse senedi piyasas\u0131n\u0131n 5 ana trendle g\u00fc\u00e7l\u00fc bir \u015fekilde b\u00fcy\u00fcmesi bekleniyor: (1) Piyasa b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fcn iki kat\u0131na \u00e7\u0131kmas\u0131: 49.750 milyar VND'den (Q3\/2023) 2025 y\u0131l\u0131na kadar 95-105 bin milyar VND'ye, YBBO %32-35\/y\u0131l; (2) \u00dcr\u00fcn \u00e7e\u015fitlili\u011fi: de\u011fi\u015fken faizli tercihli hisse senetleri, zorunlu d\u00f6n\u00fc\u015ft\u00fcr\u00fclebilirler ve seyrelme kar\u015f\u0131t\u0131 koruma maddelerinin ortaya \u00e7\u0131k\u0131\u015f\u0131; (3) Likiditenin iyile\u015ftirilmesi: HoSE, piyasa yap\u0131c\u0131 mekanizmalar uygulamakta ve listeleme prosed\u00fcrlerini basitle\u015ftirmekte; (4) Kurumsal yat\u0131r\u0131mc\u0131 kat\u0131l\u0131m\u0131: 2025 y\u0131l\u0131na kadar hacmin %60-65'ini elinde tutmas\u0131 bekleniyor; (5) ESG tercihli hisse senetlerinin geli\u015ftirilmesi: \u00e7evresel, sosyal ve y\u00f6neti\u015fim hedeflerine ba\u011fl\u0131. Ana b\u00fcy\u00fcme fakt\u00f6rleri, d\u00fc\u015f\u00fck faiz oran\u0131 ortam\u0131, \u015firketlerin sermaye art\u0131rma ihtiya\u00e7lar\u0131 (\u00f6zellikle bankalar\u0131n \u0130kinci Seviye sermayeyi art\u0131rmas\u0131 i\u00e7in) ve tasarruflardan daha \u00fcst\u00fcn sabit gelir sa\u011flayan yat\u0131r\u0131m ara\u00e7lar\u0131na olan artan talepten gelmektedir."}]}},"yoast_head":"\nTercih Edilen Hisseler: 2023'te %7-9 Getiri Sa\u011flayan 7 Yat\u0131r\u0131m Stratejisi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pocketoption.com\/blog\/tr\/knowledge-base\/trading\/preferential-stocks\/\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tercih Edilen Hisseler: 2023'te %7-9 Getiri Sa\u011flayan 7 Yat\u0131r\u0131m Stratejisi\" \/>\n<meta property=\"og:url\" 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